Assuming Prices Are Decreasing,the First-In-First-Out Approach to Inventory Valuation,compared to the Average

question 10

Multiple Choice

Assuming prices are decreasing,the first-in-first-out approach to inventory valuation,compared to the average cost approach,will give:

• A) a higher profit and a higher closing inventory
• B) a higher profit and a lower closing inventory
• C) a lower profit and a higher closing inventory
• D) a lower profit and a lower closing inventory

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Definitions:

Self-Esteem

A person’s evaluation of his or her attributes or the positive or negative valence associated with those attributes. In William James’s opinion, self-esteem depends on the number of successes we enjoy relative to our aspirations.

Autonomy

In Ryan and Deci’s self-determination theory, one of three basic or universal needs. Being in control of oneself, or feeling that one’s behavior is congruent with one’s “true self,” meaning that it is intrinsically motivated.

Emotional Response

The automatic, psychological reaction to an external event or internal thought process, often experienced through feelings such as joy, fear, or anger.