Q1Which inventory costing method assumes that the most recently acquired items are the first to be sold or used? a) First-In, First-Out (FIFO) b) Last-In, First-Out (LIFO) c) Weighted Average Cost d) Specific Identification

Q2What is the primary objective of capacity planning? a) Minimizing production costs b) Maximizing production volume c) Reducing lead times d) Ensuring smooth production operations

Q3Which statistical tool is used to identify the most important factors influencing a particular outcome? a) Histogram b) Pareto chart c) Scatter plot d) Control chart