Which Costing Method Assumes That the Cost of the First

question 161

Multiple Choice

Which costing method assumes that the cost of the first few items acquired should be assigned to the first items sold?

• A)Specific identification
• B)FIFO
• C)Average-cost
• D)LIFO

Understand the concept of complementary events and their probability sum.

Apply the addition and multiplication laws of probability.

Compute probabilities using the classical, relative frequency, and subjective methods.

Determine the probability of conjunction and disjunction of events.

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Definitions:

Given Value

The consideration or price paid for something; often used in the context of transactions or agreements to denote the value exchanged.

Antecedent Claim

A claim or right that precedes another in time or is earlier within a legal context or agreement.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure repayment of a debt.

Real Defenses

Defenses available in a legal action that can be used against any claimant, not just the original party to a contract.