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9 Cards in this Set
- Front
- Back
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Is the most realistic ending inventory? |
Specific Identification method |
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Results in cost of goods sold being closet to current product costs |
Last-in, First-out |
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Results in highest income during periods of inflation |
First-in, First-out |
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Results in highest ending inventory during periods of inflation |
First-in, First-out |
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Smooths out costs during periods of inflation |
Average Cost Method |
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Is not practical for most businesses |
Specific Identification |
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Puts more weight on the cost of the larger number of units purchased |
Average Cost Method |
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Is an assumption that most closely reflects the physical glow of goods for most businesses |
First-in, First-out |
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Is not an acceptable method under IFRS |
Last-in, First-out |
