An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is

a. FIFO.
b. LIFO.
c. base stock.
d. weighted-average.

Answer: a. FIFO.

Business

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Even though a business may have gone out of business, a few consumers may still recall the company when thinking about making a new washing machine purchase due to:

A) carryover effects of previous ads B) wear out effects of ads of competitors C) threshold effects of former ads D) decay effects of former ads

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The first three rooms took The Painter a total of 9 hours to paint. If the learning curve rate is 85%, how long will it take The Painter to paint all 20 rooms in Stately Wayne Manor?

A) less than 20 hours B) between 20 and 30 hours C) between 31 and 40 hours D) more than 40 hours

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