hen purchase costs regularly rise, the inventory costing method that yields the highest reported net income is: Multiple Choice Specific identification method. FIFO method. LIFO method. Average cost method. Weighted-average method.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.