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If You See the Notation ,What Should You Do

question 20

Multiple Choice

If you see the notation If you see the notation   ,what should you do? A) First multiply each X by its partner Y,then sum the results. B) First sum the Xs,then sum the Ys,then multiply the results. C) First sum the Xs,then multiply the result by each Y. D) First sum the Ys,then multiply the result by each X. ,what should you do?

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Definitions:

LIFO Method

An inventory valuation method that assumes the last items added to inventory are the first ones to be sold (Last In, First Out).

Periodic Inventory System

An inventory valuation method where the ending inventory and cost of goods sold are determined at the end of the accounting period.

Subsidiary Ledger

A detailed ledger that contains the individual accounts related to a specific category, supplementing the general ledger.

Consignment

An arrangement where goods are left with a third party to sell, but ownership remains with the supplier until the goods are sold.

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