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The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenues is

a. FIFO b. LIFO c. Average

Major Accounts Accounting Tax Accounting Accounts Payable Cost Accounting
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Question added by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
Date Posted: 2014/05/26
Upvote (5) Views (15) Followers (6) Answers (8) Report Question
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Akram Massoud
by Akram Massoud , FINANCE MANAGER , Autoexcellence LTD

Last In, First Out - LIFO

 

Mohammad Zohaib Khalid
by Mohammad Zohaib Khalid , Business Analyst , Primatics Financial, Carlyle Group

LIFO

Mohsin Abbas
by Mohsin Abbas , Finance Manager , Saudi Power Transformers Company& CG Power Systems

B

Deleted user
by Deleted user

LIFO, this can be understood without any argument or discussion !

Kamran Khurshid
by Kamran Khurshid , GROUP ACCOUNTANT , DAARYAAS GROUP

Last In First Out

because cogs is calculated on the basis of latest purchases. 

Muhammad Fiaz
by Muhammad Fiaz , GROUP MANAGER ACCOUNTS, FINANCE AND TAX , SMPL Group of Companies

Lifo

Muhammad Usman Ashraf
by Muhammad Usman Ashraf , VAT Accountant , Jumeirah Golf Estates

b.LIFO

Muhammad Waqas
by Muhammad Waqas , Senior Accounts Officer , Jamshoro Joint Venture Limited (Associated Group)

Option B is correct answer i.e LIFO method

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