The _____ Method of Inventory Valuation Is Based on the Assumption

question 14

Multiple Choice

The _____ method of inventory valuation is based on the assumption that the last purchased units will be sold first.

• A) first-in, first-out (FIFO)
• B) ​last-in, first-out (LIFO)
• C) ​weighted-average-cost
• D) standard-average-cost

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Definitions:

Market Responsiveness

The ability of a company to recognize, react to, and meet changing market demands and customer needs promptly and effectively.

Supply Chain

The interconnected network of entities, including suppliers, manufacturers, and retailers, involved in producing and delivering a product or service from raw material to end consumers.

Logistical Revenue

The income generated from activities related to the movement and storage of goods, as well as services provided in the logistics supply chain.

Caipirinhas

A traditional Brazilian cocktail made with cachaça (sugar cane hard liquor), sugar, and lime.