answer me the following question Material-Costing Quantitative tools of Inventory Management?
company sells a limited quantity of high-unit cost items.
Inventory costing methods place primary emphasis on assumptions about flow of costs.
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.
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.
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.
answer me the following question Material-Costing Quantitative tools of Inventory Management?
company sells a limited quantity of high-unit cost items.
Inventory costing methods place primary emphasis on assumptions about flow of costs.
Following type of companies1) Those who want to perform better2) Those who want to be competitiveWhat specific types of companies would be better served with variable costing as opposed to absorption costing? Why?
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.
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 selection of an inventory costing method has no significant impact on the financial statements. true or false
accuracy
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LIFO - Last In First Out
LIFO - Last In First Out