Listed Below Are Ten Terms Followed by a List of Phrases

question 11

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
-_____ LIFO must be used for financial reporting if elected for taxes.

• A)Ending inventory
• B)Freight-in
• C)Cost of goods sold
• D)LIFO conformity rule
• E)LIFO
• F)Freight-out
• G)LIFO reserve
• H)Specific identification
• I)FIFO
• J)Average cost

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Definitions:

Historical Developments

The study of how specific events, cultures, and societies have evolved over time.

Wal-Mart

is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, known for its significant impact on global retail and economy.

Promoted

Advanced to a higher position or rank within an organizational hierarchy or social status due to merit, achievement, or influence.

Male Employees

Workers or members of a workforce who identify as male, regardless of their specific professions or roles.