Which oldest cost incurred rarely effect on ending inventory

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Reference no: EM132714446

Problem 1: The justification for the inventory valuation rule, the lower of cost and net realisable value, is:

Select one:

a. materiality

b. reliability

c. conservatism

Problem 2: An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is?

Select one:

a. weighted average

b. base stock

c. FIFO

Problem 3: Which qualitative characteristic of financial information focuses on the inclusion of relevant information?

Select one:

a. Cost constraint

b. Materiality

c. Faithful representation

Reference no: EM132714446

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