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Kelloggs uses FIFO costing method as they manufacturing just-in-time with their products bound by expiration date.
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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.
What is the GAAP method for determining what inventory is obsolete or slow moving?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.
What is the best method of inventory and why?
Just in time is the best inventory management system. With just in time, the organization doesn't house inventory which saves them money.
What is an inventory method for diamond traders?
Inventory methods include first in-first out, or other logical method. In this case, however, diamond traders probably keep inventory records and execute trades in methods that are the most profitable at the time of the trade.
What is adjusted selling price method in valuation of inventories?
adjusted selling price method , retail price of the inventory is calculated and marjinal profit is deducted from it generally used in retail business also known as Retail inventory method
What is computerized sales inventory system?
Acomputerized Sales and Inventory is a method performed through the use of computers.
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
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.
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.
What typeo f Inventory Valuation Method does Walmart use?
Wal-Mart uses the last-in/first-out method (LIFO).
Does Target use the lifo fifo or average-cost inventory method?
fifo
The inventory valuation method that tends to smooth out erratic changes in costs is?
Weighted average method which requires to use the weighted average cost per unit of inventory at the time of each sale.
If your stock spoils which method of moving inventory would you want to use?
fifo
Solution of Analysis and Use of Financial Statements by Sondhi and White 3rd edition?
inventory method
What companies would be more likely to use the specific identification inventory costing method?
walmart
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.
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.
