Deviance

question 12

Multiple Choice

Deviance:

• A) can be found in all groups, in all parts of the world, and in all times
• B) is defined the same way for all groups in all parts of the world and in all times
• C) helps groups specify the limits of acceptable behavior for their members
• D) helps to place more of a group's norms and values in a gray area

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Definitions:

FIFO

An inventory valuation method which assumes that the first goods purchased or produced are also the first ones sold, also known as "First In, First Out."

Ending Inventory

The worth of products ready for purchase at the close of a financial period.

Cost Flow Assumption

The method used by businesses to value inventory and calculate the cost of goods sold, based on the order in which products are bought or produced.

FIFO

"First In, First Out," an inventory valuation method where the oldest stock is sold first.