60.Which inventory costing method most closely approximates current cost for eachof the following:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO Show
A) Ending Inventory Cost of Goods Sold FIFO FIFO B) Ending Inventory Cost of Goods Sold LIFO LIFO C) Ending Inventory Cost of Goods Sold FIFO LIFO D) Ending Inventory Cost of Goods Sold LIFO FIFO Answer: C 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO<p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting In order to continue enjoying our site, we ask that you confirm your identity as a human. Thank you very much for your cooperation. <p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting In order to continue enjoying our site, we ask that you confirm your identity as a human. Thank you very much for your cooperation. P60.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO61.In situations where there is a rapid turnover, an inventory method which produces abalance sheet valuation similar to the first-in, first-out method is62.The pricing of issues from inventory must be deferred until the end of the accountingperiod under the following method of inventory valuation:63.An inventory pricing procedure in which the oldest costs incurred rarely have an effect onthe ending inventory valuation is64.Which method of inventory pricing best approximates specific identification of the actualflow of costs and units in most manufacturing situations?a. Average costb. First-in, first-outc. Last-in, first-outd. Base stockDelivered to you by tbsresources.wix.com/tbsresources 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO<p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting Which inventory costing method most closely approximates current cost for ending inventory?The last-in-first-out (LIFO) method assumes that the most recent inventory is sold first resulting in the current cost being recorded to cost of goods sold.
Which costing method gives the highest ending inventory the highest cost of goods sold?Which costing method gives the highest ending inventory? The highest cost of goods sold? Why? Based on the table above, FIFO gives the highest cost for ending inventory.
Which inventory costing method uses the newest cost for cost of goods sold?LIFO (Last In, First Out) – the opposite of FIFO. Under LIFO, it is assumed that the newest stocks are sold first before the oldest ones. The cost of the newest products determines the cost of goods sold. Weighted Average Cost (WAC) – a method that used a weighted cost that averages the cost of inventory.
What is the cost of goods sold using the LIFO method?To calculate COGS (Cost of Goods Sold) using the LIFO method, determine the cost of your most recent inventory. Multiply it by the amount of inventory sold.
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Which inventory costing method approximates most closely the current cost for cost of goods sold and ending inventory?
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