Which Statement Is Correct

question 55

Multiple Choice

Which statement is correct?

• A) LIFO assumes the last goods purchased are the first goods sold.
• B) LIFO assumes the first goods purchased are the first goods sold.
• C) LIFO assumes that cost of sales consists of the oldest purchases.
• D) LIFO assumes that stock at end consists of the most recent purchases.

---

Definitions:

Overall Organization

Refers to the comprehensive structure or arrangement of various components within a system, entity, or institution.

Economic Structure

Refers to the way an economy is organized in terms of sectors and markets, including the distribution of resources, goods, and services.

Sexual Identities

The diverse ways in which people characterize their sexual orientation, preferences, and sense of self, often reflecting complex interactions of genetics, environmental influences, and personal choice.

Symbolic Interactionist

A theoretical perspective in sociology that focuses on the ways in which individuals interpret and define their social reality through the exchange of symbols and language.