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Under which method of inventory cost flows is the cost flow assumed to be in reverse order in which expenditures were made?
LIFO
When merchandise sold is assumed to be in the order in which the expenditures were incured the inventory method is called?
lifo
When merchandise sold is assumed to be in the order in which the expenditures were made the inventory method is called?
The method is called First-In-First-Out (FIFO).
What method of inventory cost flows is the cost flow assumed in reverse order?
THERE ARE THREE METHODS OF INVENTORY COSTS FLOW. 1: LIFO=first in first out 2; LIFO= last in first out 3: AVERAGE method and your answer is LIFO
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.
Under which method of inventory cost flows is the cost flow assumed to be in reverse order in which expenditures were made?
LIFO
When merchandise sold is assumed to be in the order in which the expenditures were incured the inventory method is called?
lifo
When merchandise sold is assumed to be in the order in which the expenditures were made the inventory method is called?
The method is called First-In-First-Out (FIFO).
What method of inventory cost flows is the cost flow assumed in reverse order?
THERE ARE THREE METHODS OF INVENTORY COSTS FLOW. 1: LIFO=first in first out 2; LIFO= last in first out 3: AVERAGE method and your answer is LIFO
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.
Under which method of cost flows is the inventory assumed to be composed of the most recent costs?
last in first out
Which of the followign inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory?
The inventory costing method that uses the costs of the oldest purchases to calculate the value of the ending inventory is the First-In, First-Out (FIFO) method. Under FIFO, it is assumed that the oldest inventory items are sold first, so the ending inventory consists of the most recently purchased items. This method often results in higher ending inventory values during periods of rising prices.
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
What is the difference of evaluation of inventory between weighted average method and FIFO method?
A method of inventory accounting in which the oldest remaining items are assumed to have been the first sold. In a period of rising prices, this method yields a higher ending inventory, a lower cost of goods sold, a higher gross profit (assuming constant price), and a higher taxable income. Also called FIFO.Method in calculation in which the weighted averagezzor the period is the cost of the goods available for sale divided by the number of units available for sale. When the perpetual inventory system is used, the weighted average method is called the moving average method.
What is method of computing inventory that used records of the selling prices of the merchandise called?
The method of computing inventory that uses records of the selling prices of merchandise is called the Retail Inventory Method. This method estimates inventory value by applying a cost-to-retail percentage to the ending inventory at retail prices. It is commonly used by retailers to manage inventory without physically counting items, allowing for efficient tracking of inventory levels and valuation.
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.
