Which Inventory Cost Flow Assumption Is Not Allowed for Financial

question 73

Multiple Choice

Which inventory cost flow assumption is not allowed for financial reporting in many foreign countries?

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

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Definitions:

Number Of Sales

quantifies the total sales transactions completed within a specific period, often used to gauge business performance.

Bonus

A form of additional compensation given to an employee or workers, above their normal pay, for achieving a certain level of performance or for special occasions.

Commission

A fee paid to an agent or employee for facilitating a sale or transaction, typically calculated as a percentage of the sale.

Car Dealer

An organization that specializes in selling new or pre-owned automobiles directly to consumers, operating under a dealership agreement with a car manufacturer or its sales division.