0
There are different inventory costing methods an accountant can use for cost o goods sold accounting. The methods include last in, first out, average cost method, first in, first out, and specific identification method.
Wiki User
∙ 9y ago
Wiki User
∙ 13y agoThese methods are:
LIFO (Last in first out)
FIFO (First in first out)
Average units method where old and new units are combined to calculate inventory.
Add your answer:
Earn +20 pts
What inventory method does Kellogg use?
Kelloggs uses FIFO costing method as they manufacturing just-in-time with their products bound by expiration date.
What are the main features of job costing method?
check
What is the GAAP method for determining what inventory is obsolete or slow moving?
The GAAP method for obsolete or slow moving inventory is to account for all inventory using either market value or cost method. The method which results in the lower amount is the one that is used.
What are the advantages of using absorption costing?
One advantage of using absorption costing is that if you have items still in inventory at the end of an accounting period, you don't have to report the expense until the items are actually sold. The disadvantage is, this method can artificially increase your profit figures because the profit-and-loss statement isn't going to reflect all the expenses you had during the accounting period.
What is the best method of inventory and why?
Just in time is the best inventory management system. With just in time, the organization doesn't house inventory which saves them money.
The selection of an inventory costing method has no significant impact on the financial statements true or false?
The selection of an inventory costing method has no significant impact on the financial statements. true or false
The consistent application of an inventory costing method enhances?
accuracy
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is?
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is last in first out. This makes use of a perpetual inventory system.
What inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
What is the inventory costing method that charge the most recent incurred against revenue?
LIFO
What is the inventory costing method that charges the most recent costs incurred against revenue?
LIFO
Which inventory costing method is often adopted when a company prefers a middle of the road approach?
FIFO
What companies would be more likely to use the specific identification inventory costing method?
walmart
The inventory costing method that reflects a cost flow that is in the order in which the costs were incurred and will report the most current prices in ending inventory is?
First in first out
What is the inventory method that assigns the most recent costs to cost of goods sold?
LIFO (Last in first out) is the inventory costing method which allocates the most recent costs to cost of goods sold.
What inventory method does Kellogg use?
Kelloggs uses FIFO costing method as they manufacturing just-in-time with their products bound by expiration date.
