In Which of These Inventory Cost Flow Assumptions Is It

question 126

Multiple Choice

In which of these inventory cost flow assumptions is it important to determine the actual cost of a particular inventory item being sold in order to determine cost of goods sold?

• A) LIFO.
• B) FIFO.
• C) Specific identification.
• D) Weighted average.

---

Definitions:

Least Professionalized

Describes organizations or sectors that have the lowest levels of formal training, standards, or qualifications among their personnel.

Charitable Nonprofit

Organizations that operate to provide relief to the poor, advance education, support health, or engage in other charitable activities serving the public interest or common good.

Private Foundations

Nonprofit entities that typically donate funds and support to other charitable organizations, funded by a single source, like a family or corporation.

Single Donor

Refers to contributions received from one individual, organization, or entity to support a particular cause or organization.