Which of the Four Inventory Approaches Is Best Suited to Inventories

question 52

Multiple Choice

Which of the four inventory approaches is best suited to inventories of high-priced,low-volume items?

• A)LIFO
• B)FIFO
• C)Average cost.
• D)Specific identification

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Definitions:

Phagocytosis

A cellular process in which cells engulf and digest particles or other cells, often used by the immune system to remove pathogens and dead cells.

Microorganisms

Tiny, living organisms, often microscopic, that include bacteria, viruses, fungi, and protozoa, sometimes beneficial and sometimes harmful to humans, animals, and the environment.

FDA

FDA stands for the Food and Drug Administration, a federal agency of the United States responsible for protecting public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices.

OSHA

The Occupational Safety and Health Administration, a U.S. federal agency that sets and enforces standards to ensure workplace safety and health.