Indicate Whether Each of the Following Statements Is True or False

question 143

Short Answer

Indicate whether each of the following statements is true or false.
1. The FIFO cost flow method assumes that the cost of items purchased last should be assigned to ending inventory
2. The LIFO inventory flow method assumes that the cost of items purchased last should be assigned to the ending inventory
3. Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory cost by the number of units
4. The LIFO cost flow method assumes that the cost of items purchased first is assigned to cost of goods sold first
5. The cost flow assumption used in accounting for inventory must be consistent with the physical flow of the inventory

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Definitions:

Inner Drives

Inherent motivations or impulses within an individual that propel them to act or pursue certain goals.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, influencing the likelihood of that behavior occurring again.

Modeled Behavior

Behavior learned through the observation of others and the imitation of their actions.

Classical Conditioning

A conditioning method where a response initially triggered by a second stimulus becomes elicited by the first stimulus after the two stimuli have been paired together multiple times.