Asked by
Traveler’s Corner
on Nov 12, 2024
Verified
Produces results that are similar to the specific identification method
A) FIFO
B) LIFO
C) Weighted average
Cost Flow Assumption
An accounting method that determines the value of remaining inventory and the cost of goods sold, such as FIFO or LIFO.
Weighted Average
A calculation that takes into account the varying degrees of importance of the numbers in a data set, assigning weights to some numbers more than others.
- Acquire knowledge of the criticality and application scenarios of various inventory costing strategies, namely FIFO, LIFO, Weighted Average, and Specific Identification.
Verified Answer
AG
Learning Objectives
- Acquire knowledge of the criticality and application scenarios of various inventory costing strategies, namely FIFO, LIFO, Weighted Average, and Specific Identification.