6 1 point Read the description given in the left panel and select appropriate inventory valuation method from the right panel. Goods issued for use are costed applying cost of all purchases during a period. So cost of ending inventory is measured applying purchase price of all lots purchased during that period Weighted average cost First In First Out Actual cost of a lot of inventories is taken as cost of inventory, when the inventory can be identified specifically with a purchased lot Net realizable value Specific identification method Inventories are valued at selling price minus estimated costs to be incurred to complete the product and estimated costs to sale Goods purchased first are assumed to be issued for use first, so cost of inventory is determined based on cost of latest purchases Next Previous 11:16 AM