To Determine the Cost of Ending Inventory Using the LIFO

question 41

Multiple Choice

To determine the cost of ending inventory using the LIFO method:

• A)the latest purchase costs are used.
• B)the specific unit cost of the inventory is used.
• C)the average cost of the inventory is used.
• D)the beginning inventory and earliest purchase costs are used.

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Definitions:

Percentile

A measure that indicates the value below which a given percentage of observations in a group of observations falls.

Five-number Summary

Consists of the minimum, first quartile, median, third quartile, and maximum, providing a quick overview of the distribution of a dataset.

Distribution

The way in which values in a dataset are spread out or distributed across a range of values or categories.

Symmetric

A characteristic where something is the same on both sides when divided by a central line.