Concept explainers
Concept Introduction- Last in first out (LIFO):
It is the
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.

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Chapter 6 Solutions
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