Answer
The cost flow methods are
1. FIFO
2. Except specific cost method
3. Under LIFO inventory costing method
Work Step by Step
1. FIFO usually parallels the actual physical flow of merchandise.
2. Other costing methods assume that good available for sale during
an accounting period are similar in nature.
3. Under LIFO inventory costing method it is assumed that latest
units purchased are first to be sold.
