Which of the Following Inventory Method Will Give the Highest

question 43

Multiple Choice

Which of the following inventory method will give the highest ending inventory in a period of rising prices?

• A)FIFO
• B)LIFO
• C)Specific Identification Method
• D)Weighted Average Cost

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Definitions:

Praxeology

The study of human action and conduct, often associated with the work of economist Ludwig von Mises and the Austrian School of economic thought.

World View

A person's or group's belief system or perspective that shapes their interpretation and understanding of the world around them.

Social Norms

Shared beliefs about acceptable and expected behavior within a group or society.

Teleology

The philosophical study of design and purpose in the natural world, or the explanation of phenomena by the purpose they serve rather than by postulated causes.