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Cost or Net Realisable Value, which ever is lower. Net realisable value can also include the cost of repairing damaged inventory to get it to a sellable condition.

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14y ago

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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.


What inventory cost methods is appropinate for a business who has inventorynunique what a relative small number of?

The inventory cost of a business inventory is poo


What is an acceptable method of determining inventory cost under GAAP?

One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.


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Beginning inventory plus net cost of purchases is?

Beginning inventory plus net cost of purchases equals the total goods available for sale during a specific period. This figure is crucial for determining the cost of goods sold (COGS) when combined with ending inventory. It helps businesses assess their inventory management and financial performance.


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