Which of the Following Is Not Considered an Acceptable Inventory

question 30

Multiple Choice

Which of the following is not considered an acceptable inventory cost method according to GAAP?

• A)First-in,first-out
• B)First-in,last-out
• C)Last-in,first-out
• D)Average cost

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Definitions:

Two-Day Revenues

The total amount of money earned or received by a business or entity over a period of two days.

Daily Indexes

Financial indicators that track the performance of a portfolio of selected stocks or assets, recalculated daily.

Regression Trend Line

A line graphed in scatter plot data to represent the average direction of the data points and understand the relationship between variables.

Regression Technique

A statistical method used to analyze the relationship between a dependent variable and one or more independent variables.