1. The technique of measuring inventory cost in which items purchased later will be used first is called;

a. Average Cost

b. Specific Cost

c. FIFO

d. LIFO

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2. The technique of inventory cost as per which cost of goods sold will be highest is;

a. LIFO

b. Average Cost

c. FIFO

d. Specific Cost

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3. The technique of inventory cost as per which profit will be highest is;

a. Specific Cost

b. LIFO

c. FIFO

d. Average Cost