Chapter 8, Problem 10SE

Your accounting supervisor asked you to determine the reportable amount of inventory in the statement of financial position under: (1) FIFO cost flow assumption (Answer should be: 95,450) (2) Weighted Average Cost Flow Assumption (Answer should be: 79,650) (3) Moving Average Cost Flow Assumption (Answer should be: 66,000)

Please explain the solution to this general accounting problem with accurate principles.

Please explain the solution to this general accounting problem using the correct accounting principles.