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  1. A
    Raw materials

    B
    Finished goods

    C
    LIFO

    D
    FIFO

    Explanation: Answer not sure 

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  2. A
    FIFO method

    B
    LIFO method

    C
    Specific identification method

    D
    All of these acceptable methods for determining the cost of inventory.

    Explanation: Answer not sure 

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  3. A
    Food with an expiration date that has passed

    B
    Two-year-old cell phones

    C
    Automobile tires

    D
    Daily newspaper

    Explanation: Answer not sure 

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  4. A
    Beginning Inventory + Inventory Purchases + Costs of Production - Ending Inventory = COGS

    B
    Ending Inventory = COGS

    C
    Beginning Inventory = COGS

    D
    Inventory Purchases = COGS

    Explanation: Answer not sure 

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  5. A
    inventory valuation allowance

    B
    cost of goods sold

    C
    net income

    D
    profit margin

    Explanation: Answer not sure 

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First123Last
1 of 8 pages