Under Which of the Following Conditions Will the First-In,first-Out Method

question 32

Multiple Choice

Under which of the following conditions will the first-in,first-out method of process costing produce the same cost of goods manufactured amount as the average cost method?

• A)When goods produced are homogeneous in nature
• B)When there is no beginning inventory
• C)When there is no ending inventory
• D)When beginning and ending inventories are each 50 percent complete

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Definitions:

Unconditioned Stimulus

In the context of classical conditioning, a stimulus that effortlessly and automatically provokes a response with no prior instruction.

Generalization

The process by which the brain applies learned responses to similar stimuli beyond the original situation.

Conditioned Response

A learned reaction to a previously neutral stimulus that has become associated with an unconditioned stimulus.

Neutral Stimulus

A stimulus that initially does not elicit any intrinsic response until it is paired with an unconditioned stimulus in classical conditioning.