Which of the Following Methods Generally Is Used to Determine

question 155

Multiple Choice

Which of the following methods generally is used to determine the loss when inventory is destroyed or stolen?

• A)Retail method
• B)FIFO
• C)LIFO
• D)Gross profit method

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Definitions:

Scarce

A condition or situation characterized by the limited availability of resources or goods, leading to competition for their acquisition or use.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing among options.

Alternatives

Different choices or options that are available in a decision-making process.

Adjusted Corporate Tax

This term might involve adjustments made to the corporate tax reported, accounting for various deductions, credits, and exemptions to reach a tax obligation more accurately reflecting the company's financial activity.