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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.
What inventory cost methods is appropriate for a business who has inventory with a relatively small number of unique items and a high cost per item?
FIFO
How is the moving average cost calculation used in determining the cost of inventory?
The moving average cost calculation is used to determine the average cost of inventory by taking into account the cost of goods purchased over time. This method helps to smooth out fluctuations in costs and provides a more accurate representation of the overall cost of inventory.
What inventory cost methods results in lowest net income during a period of rising inventory costs?
Last-in, first-out (LIFO)
Is last in first out a form of inventory evaluation?
No, it's a description of a way of determining cost-of-goods-sold.
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.
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.
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.
Advantages and disadvantages the retail inventory method?
It is cost effective and simple for companies to implement since it reduces the number of physical inventory counts. It is also accepted as a method of determining cost of goods sold for income tax purposes by the IRS.
Which accounting term best describes assumption made in applying the four inventory methods?
Cost Flow Assumption
