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What companies would be more likely to use the specific identification inventory costing method?
walmart
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
The specific identification method of costing inventories is used when the?
company sells a limited quantity of high-unit cost items.
What is Weighted Average of Inventory Valuation Method?
Weighted average inventory valuation method is method in which inventory purchased at any price is put together to calculate one price for allocation in contrast to FIFO or LIFO.
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 specific identification method?
Specific Identification requires the linkage of individual inventory items with the exact purchase cost of each unit
What companies would be more likely to use the specific identification inventory costing method?
walmart
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.
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
The specific identification method of costing inventories is used when the?
company sells a limited quantity of high-unit cost items.
What is Weighted Average of Inventory Valuation Method?
Weighted average inventory valuation method is method in which inventory purchased at any price is put together to calculate one price for allocation in contrast to FIFO or LIFO.
What is the GAAP method for determining what inventory is obsolete or slow moving?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.
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.
Inventory method that least likely mimics actual physical flow of inventory?
FIFO method where the older items are sold first.
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.
The inventory method which results in the inventory value on the balance sheet that is closest to current cost is the?
FIFO
Inventory valuation Method?
Following are inventory valuation methods: 1 - Lifo (Last in first out) 2 - Fifo (First in first out) 3 - Average method.
