• Identify four methods of assigning a cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.
• Its common in the electronics industry for unit costs of raw materials inventories to decline over time. In this environment, explain the difference between LIFO and FIFO, in terms of the effect on income and financial position. Assume that inventory quantities remain the same for the period.
• Explain why proponents of LIFO argue that it provides a better match of revenue and expenses. In what situation would it not provide a better match?