___________ Materials Are No Longer Serviceable,have Been Discarded,or Are a By-Product

question 4

Multiple Choice

___________ materials are no longer serviceable,have been discarded,or are a by-product of the production process.

• A)Waste
• B)Obsolete
• C)Scrap
• D)Excess

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Definitions:

FIFO Periodic

An inventory valuation method where the oldest inventory items are recorded as sold first, under a periodic system that updates inventory balances at the end of an accounting period.

Beginning Inventory

The value of a company's inventory at the start of an accounting period, carried over from the end of the prior period.

Sold Units

The number of units of a product or goods that have been sold during a specific period.

FIFO Perpetual

An inventory valuation method where the first goods purchased are the first ones sold, continuously updated for each sale and purchase.