FIFO uses the ________ cost for cost of goods sold on the income statement and the ________ cost for inventory on the balance sheet.
A. newest; oldest
B. oldest; oldest
C. newest; newest
D. oldest; newest
Answer: D
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Which of the following is an example of delivery of goods without moving them?
A) a contract requiring a document of title B) a shipment contract C) a destination contract D) a contract with the term ex-ship
It is lawful to refuse to extend credit to a consumer based on the consumer's: A) race
B) marital status. C) credit history. D)age.
Jane and Joseph Sechrist signed a contract to have a swimming pool built in their backyard for $10,000. The salesman for the pool company signed the contract as well on a space marked "Salesperson." Two days after the contract was signed, the salesman called the Sechrists back and asked them to come in and sign a new contract for $11,000 because the vice president had not approved the original
price. Jane has checked the contract and discovered that there is no language that requires the approval of anyone other than the salesperson. Jane and Joseph can have their pool built for $10,000 because: A) the pool company was bound once Jane and Joe signed the contract. B) the pool company has ratified the contract. C) of misrepresentation. D) the salesman had at least apparent authority to bind the pool company.
Define indirect service