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In a large cooperate business where the income tax revenue can be allocated by giving to charities and using other income tax shelters
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∙ 11y ago
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If your stock spoils which method of moving inventory would you want to use?
fifo
Does Target use the lifo fifo or average-cost inventory method?
fifo
Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
What is the explanation for the FIFO inventory method please.?
FIFO Inventory means: First In First Out; simply the first inventory that comes in, is the first that puts out on shelves, therefore it is the first inventory sold.
Which inventory method yields highest gross profit?
FIFO
The inventory method which results in the inventory value on the balance sheet that is closest to current cost is the?
FIFO
Inventory aging system based on FIFO and LIFO method?
FIFO First in first out LIFO Last in last out
What is the inventory method that tends to smooth out erratic changes in costs?
fifo
Why does net income change with the FIFO?
FIFO (first in first out) is a method of account for inventory. With FIFO, if inventory costs are increasing your cost of goods sold will be lower than under the LIFO (last in first out) method. If inventory costs are increasing, FIFO will result in higher net income (lower COGS) than LIFO. If inventory costs are decreasing, FIFO will result in lower net income (higher COGS) than LIFO.
Inventory method that least likely mimics actual physical flow of inventory?
FIFO method where the older items are sold first.
Different methods of inventory in purchasing?
FIFO and weightage average method are the generally used methods in inventory calculations.
Inventory valuation Method?
Following are inventory valuation methods: 1 - Lifo (Last in first out) 2 - Fifo (First in first out) 3 - Average method.
