Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period?

A

Last in first out

B

None of the above

C

Average cost

D

Specific unit cost

E

First in first out

2.

Which method would be used to cost milk and other dairy products?

A

None of the above

B

Last-in, First-out

C

Specific unit cost

D

Average cost

E

First-in, First-out