Generally, which inventory costing method approximates most closely the current cost for each of the following?

Question

Cost of Goods Sold Ending inventory

a) LIFO FIFO

b) LIFO LIFO

c) FIFO FIFO

d) FIFO LIFO

James Perez, CPA, CMA Candidate · Answer

Answer is A.

In either period of rising or lowering prices, LIFO takes into account latest purchases into Cost of Goods Sold and FIFO leaves the current purchases in the ending inventory.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN · Answer

LIFO (FOR COST OF GOODS SOLD) & FIFO (FOR ENDING INVENTORY)

Shamna Mohammed Ali · Answer

For,

COGS - LIFO

E.I - FIFO

Utilisateur supprimé · Answer

Answer A is correct

ADITYA SHARMA · Answer

Option A is correct -------------

Asif Yaqub Khan · Answer

You should use specific Unit Cost Method

Produits Par Bayt.com

Utilisez l'Appli de Bayt.com

Communiquez avec les autres et partagez vos connaissances professionnelles

Generally, which inventory costing method approximates most closely the current cost for each of the following?

Recherches Populaires

More Questions Like This