Under the ________ Method,ending Inventory Is Based on the Costs

question 86

Multiple Choice

Under the ________ method,ending inventory is based on the costs of the most recent purchases.

• A)average-cost
• B)FIFO
• C)LIFO
• D)specific-identification

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Definitions:

Cognitive Conflict

A situation arising from the encounter of differing viewpoints or information, leading to a reevaluation of existing beliefs or knowledge.

Equilibration

The process in cognitive development described by Piaget where children balance assimilation and accommodation to create stable understanding.

Disequilibrium

Disequilibrium refers to a state of imbalance or lack of equilibrium, often used in contexts ranging from physical stability to economic conditions.

Accommodation

In cognitive development, the process of altering one's existing schemas or ways of thinking in response to new information.