Which inventory cost formula-FIFO or aver- age-provides the better measure of cost of goods sold on the

Question:

Which inventory cost formula-FIFO or aver- age-provides the better measure of cost of goods sold on the income statement? The better measure of ending inventory on the statement of financial position? Explain.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...