Question: 7 ) first In , First Out: a ) Often parallels actual physical flow of merchandise b ) Companies determine cost of ending inventory by
first In First Out:
aOften parallels actual physical flow of merchandise
bCompanies determine cost of ending inventory by taking unit cost of most recent purchase and working backward until all units of inventory have been costed
cCosts of earliest goods purchased are first to be recognized in determining cost of goods sold
d are a part of First In First out
eOnly two parts are part of First In First Out
fAll are a part of First In First Out
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