Which of the Following Statements Regarding Inventories Is Correct

question 56

Multiple Choice

Which of the following statements regarding inventories is correct?

• A) FIFO assumes that the costs of the earliest goods acquired are the last to be sold.
• B) It is generally good business management to sell the most recently acquired goods first.
• C) Under FIFO, the ending inventory is based on the latest units purchased.
• D) FIFO seldom coincides with the actual physical flow of inventory.

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Definitions:

Competition

refers to the rivalry between individuals, teams, or organizations, aiming for the same objective or superiority in a specific area.

Self-Talk

The inner voice or dialogue that a person has with themselves, influencing their thoughts, feelings, and behavior.

Gunny-Sacking

The unhealthy practice of silently collecting grievances or emotional baggage and then suddenly releasing them in an overwhelming outburst.

Rapport

A close and harmonious relationship in which the people or groups understand each other's feelings or ideas and communicate well.