Accounting Question
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1:- Introduction
The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO, Weighted Average Method. For Solving the this numerical we have to know some basic Fundamental of FIFO, LIFO, Weighted Average Method.Above Mentioned Concepts are discussed below,
1.FIFO:-
As The name suggest First in First Out. In this Method the produced or manufactured goods sold out first.
2.LIFO:-
As The name suggest Last-In-Last-Out. In this method the produced or manufactured goods Sold out last.
3.Weighted Average Method:-
This Method is used to allocate the average cost of production to particular product.
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