Recall the four inventory costing methods used to assign costs to inventory and cost of goods sold under the periodic inventory system.Multiple select question.Weighted averageFirst-in, first-outLast-in, last-outSpecific identificationLast-in, first-out
Question
Recall the four inventory costing methods used to assign costs to inventory and cost of goods sold under the periodic inventory system.Multiple select question.Weighted averageFirst-in, first-outLast-in, last-outSpecific identificationLast-in, first-out
Solution
The four inventory costing methods used to assign costs to inventory and cost of goods sold under the periodic inventory system are:
- Weighted Average
- First-in, First-out (FIFO)
- Last-in, Last-out (LIFO)
- Specific Identification
The last option, "Last-in, first-out" is not a recognized inventory costing method.
Similar Questions
Recount the methods used to assign costs to inventory and cost of goods sold under both a perpetual and a periodic system.Multiple select question.Weighted averageSpecific identificationLast-in, last-outLast-in, first-outFirst-in, first-outFirst-in, last-out
Which inventory costing method assumes that inventory costs flow out in the opposite order from which the goods were purchased?Multiple choice question.periodicweighted averageperpetualLIFOspecific identificationFIFO
Which of the following methods are available for costing inventory? (Select all that apply.)Multiple select question.Simple-averageWeighted-averageNIFOSpecific identificationLIFOFIFO
Which inventory costing method uses the oldest cost for Cost of Goods Sold on the income statement and the newest cost for Inventory on the balance sheet?Multiple choice question.Weighted averageSpecific identificationLIFOFIFO
Which inventory method is typically used when accounting for expensive and unique inventory items?Multiple choice question.FIFOSpecific identificationLIFOWeighted Average Cost
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.