Chapter 6, Problem 19QS

To determine

Concept Introduction- Last in first out (LIFO):

It is the inventory valuation method in which inventory purchased at the end is first sold out. Hence the closing inventory count is done from beginning.

First in first out (FIFO):

It is the inventory valuation method in which inventory purchased in the beginning of the year is first sold out. Hence the closing inventory count is done from end.

Weighted Average:

It is the inventory valuation in which total value of inventory is divided by the total inventory.

Specific identification method:

It is the inventory valuation method where valuation is done on the basis of units specifically methioned.

To Identify:

To identify the inventory costing methods for each separate statements.