Which of the Following Is Used to Calculate the Number

question 9

Multiple Choice

Which of the following is used to calculate the number of units accounted for under first-in,first-out (FIFO) method of inventory valuation of process costing?

• A) Accounted for = Beginning balance + Started and completed + In process
• B) Accounted for = Beginning balance + Started and completed
• C) Accounted for = Beginning balance + In process
• D) Accounted for = Beginning balance + Amount transferred in

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Definitions:

Mode of Transportation

Different methods by which goods and services are moved from one location to another, such as by truck, train, ship, or airplane.

Private Fleet

A company-owned set of vehicles that are used for the transport of goods and materials for the company’s own operations, as opposed to relying on third-party carriers.

Milk Runs

A delivery method where a single vehicle collects loads from several suppliers, reducing transportation costs and improving efficiency.

Logistical Distance

A concept that considers not just the physical distance goods must travel, but also the time, cost, and complexity associated with moving goods from origin to destination.