BUISENESS MANAGEMENT
RECORD KEEPING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your business can check their inventory using this method:
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Perpetual
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Physical
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Periodic
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All of these
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Explanation:
Detailed explanation-1: -The four main inventory valuation methods are FIFO or First-In, First-Out; LIFO or Last-In, First-Out; Specific Identification; and Weighted Average Cost.
Detailed explanation-2: -There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
Detailed explanation-3: -There are three methods for inventory valuation: FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost). In FIFO, you assume that the first items purchased are the first to leave the warehouse.
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