CP 6-4 Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification _Matches actual flow of goods with actual flow of costs in most cases _Matches old costs with new sales prices _Results in the lowest net income in periods of falling prices _Matches recent costs with new sales prices _Does not assume any particular flow of goods _Best suited for situations in which inventory consists of perishable goods Values ending inventory at approximate replacement cost

CP 6-4 Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification _Matches actual flow of goods with actual flow of costs in most cases _Matches old costs with new sales prices _Results in the lowest net income in periods of falling prices _Matches recent costs with new sales prices _Does not assume any particular flow of goods _Best suited for situations in which inventory consists of perishable goods Values ending inventory at approximate replacement cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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