Author Topic: Invenotry Cost Flow Methods  (Read 1423 times)

jharrison

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Invenotry Cost Flow Methods
« on: September 27, 2013, 09:14:00 am »
Please see the attached resource to help with you week 3 HW on Inventory. Specific identification is rarely used because the items in inventory have to be easily identified. This method is seen most in dealerships and appliances. When trying to figure the amount of ending inventory on the balance sheet, the FIFO this method assumes the last units purchased are always going to the the ones in the ending inventory. For LIFO, it is the opposite. The first units purchased remain in ending inventory.