LIFO, FIFO, SPECIFIC IDENTIFICATION OR WEIGHTED AVERAGE

Question: Response: The inventory valuation method that assumes costs flow in the reverse order incurred, that is the last items purchased are the first sold is___? The inventory valuation method that assumes costs flow in the order incurred, that is the first items purchased are the first sold is__? The inventory valuation method that matches the exact item purchased to a specific sale is __? The inventory valuation method that assumes costs flow at an average of the cost of items available for sale 3. is ? 12. The inventory valuation method that leaves the costs from the most recent purchases in inventory is the__? The inventory valuation method that charges the costs from the earliest units acquired to COGS is the___? The inventory valuation method that charges the costs from the most recent units acquired to COGS is the The inventory valuation method that leaves the costs from the earliest units acquired in inventory is the__ _? The inventory valuation method that smoothes out erratic changes in costs is the ? The inventory valuation method least likely to be impacted by changings costs is the ? If purchase costs are rising which inventory valuation method results in the highest gross profit and net income? If purchase costs are declining which inventory valuation method results in the highest gross profit and net income? If purchase costs are rising which inventory valuation method results in the lowest gross profit and net income? If purchase costs are declining which inventory valuation method results in the lowest gross profit and net income? Which inventory valuation method better matches current costs with revenues? Which inventory valuation method matches actual cost with the revenues they generate? Which inventory valuation method results in less income tax expense if prices are rising? Which inventory valuation method results in less income tax expense if prices are declining? 13. 14. 16. 18