Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Give TWO examples of methods of inventory accounting. (With explanation)
Expert Solution
Step 1
Inventory accounting :
Inventory accounting is a method used to ascertain the cost of inventory. These costs include storage costs , holdings costs, and other administrative costs.
Methods of Inventory accounting :
The two most common methods used in inventory accounting are:
1. First in first out (FIFO)
2. Last in first out (LIFO)
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