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No, it's a description of a way of determining cost-of-goods-sold.
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∙ 12y ago
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What is the inventory method that considers the inventory to be composed of the units of merchandise acquired earliest?
LIFO - last in first out.
Inventory valuation Method?
Following are inventory valuation methods: 1 - Lifo (Last in first out) 2 - Fifo (First in first out) 3 - Average method.
Inventory aging system based on FIFO and LIFO method?
FIFO First in first out LIFO Last in last out
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 inventory cost methods results in lowest net income during a period of rising inventory costs?
Last-in, first-out (LIFO)
LIFO inventory accounting for gross profit calculation assumes what?
Last In First Out
Inventory costing method?
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.
When prices are increasing which inventory method will produce the highest cost of goods sold?
Lifo (Last in first out) method will produce highest cost of goods sold because inventory with higher value will be charged first as it arrived in last.
What happens when inventory in base year dollars decreases?
Last in First out reserve increases
How are inventories to be valued?
Inventory can be valued in many different ways but there are 3 popular methods. One is called FIFO (first in first out), another called LIFO (last in first out) and the last called weighted average. See here for the basics and a more thorough description of Inventory Valuation.... http://vitalbusinessinfo.blogspot.com/2009/10/basics-of-inventory-valuation.html
What are the two most widely used methods for determining the cost of inventory?
I believe that it is FIFO and LIFO, which is first in first out and last in first out.
