Which of the following is a method of calculating the value of an inventory?
Point-of-sale
First-in, first-out
Expired stock
Inventory turnover
First-in, first-out
Rationale: The first-in, first-out (FIFO) method is used to calculate the value of an inventory on hand at the end of an accounting period, and the cost of products sold during the period. This method assumes that inventory purchased or manufactured first is sold first, and that newer inventory remains unsold. It can be applied in both periodic and perpetual inventory systems.
You might also like to view...
Heart transplant, using a donor heart __________
Fill in the blank(s) with the appropriate word(s).
The AEMT should transport any patient with an allergic reaction, even if he or she is able to stop the reaction with epinephrine, because:
A. the patient's symptoms could recur up to 8 hours later. B. any patient who is given a drug must be transported by law. C. most patients require a continuous infusion of epinephrine. D. the effects of epinephrine only last about 10 or 15 minutes.