11. What is the first-in, first-out (FIFO) method used for?

A. Calculating normal/abnormal losses

B. Estimating equivalent units

C. Valuing raw material issues from inventory

D. Valuing raw material receipts into inventory

12. Which of the following describes the separate entity concept?

1. The non-current assets of a business are a separate entity from the current assets
2. The drawings of a business are a separate entity from the profit of the business
3. The business is a separate entity from the owner of the business
4. The owner of the business must be separate entity from a lender to the business