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TESTS & QUIZZES Click here to exit full screen mode. ? FINAL ASSESSMENT: SECTION B...

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Accounting

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TESTS & QUIZZES Click here to exit full screen mode. ? FINAL ASSESSMENT: SECTION B Table of Contents Question Progress A Part 22 of 22 - Question 22 Question 22 of 22 2 Points Skate Park (SP) buys and sells skateboards and has a year-end of 31 August. SP has always recorded inventory transactions as they occur while simultaneously updating the inventory balance. SP assumes that the skateboards purchased first are sold first. Which, if any, of the following inventory recording systems and cost allocation methods are used by SP? A. Inventory recording system: Periodic inventory system Cost allocation method: FIFO B. Inventory recording system: Perpetual inventory system Cost allocation method: FIFO C. Inventory recording system: Periodic inventory system Cost allocation method: Weighted average cost OD. Inventory recording system: Perpetual inventory system Cost allocation method: Weighted average cost E. None of the above Reset Selection

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