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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.

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The selection of an inventory costing method has no significant impact on the financial statements true or false?

The selection of an inventory costing method has no significant impact on the financial statements. true or false


The consistent application of an inventory costing method enhances?

accuracy


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.


Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?

LIFO - Last In First Out


What inventory costing method that assigns the most recent costs to the most recently sold inventory?

LIFO - Last In First Out


What is the inventory costing method that charge the most recent incurred against revenue?

LIFO


What companies would be more likely to use the specific identification inventory costing method?

walmart


What is the inventory costing method that charges the most recent costs incurred against revenue?

LIFO


Which inventory costing method is often adopted when a company prefers a middle of the road approach?

FIFO


The inventory costing method that reflects a cost flow that is in the order in which the costs were incurred and will report the most current prices in ending inventory is?

First in first out


What is the inventory method that assigns the most recent costs to cost of goods sold?

LIFO (Last in first out) is the inventory costing method which allocates the most recent costs to cost of goods sold.


What inventory method does Kellogg use?

Kelloggs uses FIFO costing method as they manufacturing just-in-time with their products bound by expiration date.