Asked by
Ayesa Guerrero
on Nov 12, 2024
Verified
Widely used for tax purposes
A) FIFO
B) LIFO
C) Weighted average
Cost Flow Assumption
An accounting method used to value inventory and determine the cost of goods sold, examples include FIFO, LIFO, and weighted-average.
Tax Purposes
The specific reasons or objectives related to the calculation, payment, or management of taxes.
- Understand the importance and deployment of different inventory assessment methods, like FIFO, LIFO, Weighted Average, and Specific Identification.
Verified Answer
CJ
Learning Objectives
- Understand the importance and deployment of different inventory assessment methods, like FIFO, LIFO, Weighted Average, and Specific Identification.