Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 6 - Reporting and Analyzing Inventory - Questions: 11

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.
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