Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.

Describe two separate and distinct ways to calculate goods available for sale.

Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.

The selected inventory costing method impacts: Multiple Choice Gross profit and net income. Sales. The physical flow of goods. The quantity of inventory items on hand. The shipping terms to the buyer.

Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in general yield an inventory cost most nearlyapproximating current replacement cost?

Cost of goods available for sale consist of two elements: beginning inventory and ending inventory (TRUE / FALSE)

Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.

There are numerous inventory costing methods including FIFO, LIFO, and Weighted Average methods. Among those three methods, which one would you prefer the most and why? Please ensure that you provide a basis to support your reasoning.

The goal of this is to review concepts in inventory cost methods.    Directions 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold calculated in each of the inventory cost flow assumptions?  3. How does the specific identification method differ from these three primary inventory cost flow assumptions?  explain in good detail responses for each one of the questions

am. 04.