Which Statement Is Correct

question 6

Multiple Choice

Which statement is correct?

• A) LIFO assumes that cost of sales consists of the oldest purchases.
• B) LIFO assumes that stock at end consists of the most recent purchases.
• C) LIFO assumes the last goods purchased are the first goods sold.
• D) LIFO assumes the first goods purchased are the first goods sold.

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Definitions:

Manageable Units

Dividing tasks, projects, or organizational structures into smaller, more easily controlled or handled segments.

New Product

An item or service that has been recently developed or introduced to the market.

Organizing

Process of blending human and material resources through a formal structure of tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives.

Anticipate Future

The act of predicting or expecting upcoming events or trends, allowing individuals or organizations to prepare or adjust accordingly.