the flow of costs from inventory to cost of goods sold for the FIFO

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Rinaavn

Business Finance

Description

Your thoughts on the flow of costs from inventory to cost of goods sold for the FIFO, LIFO, and Average Cost methods. Identify one strength and one weakness for each method and explain your answer. References needed as well.

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Explanation & Answer

Attached.

Running head: INVENTORY COST FLOW ASSUMPTIONS

Inventory Cost Flow Assumptions
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Date

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INVENTORY COST FLOW ASSUMPTIONS

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A company has to identify the cost of goods bought and those in inventory. This is done
using inventory management methods such as; First in First out (FIFO), Last in First out (LIFO)
and Average Cost Method. These methods enable a business to account for the available amount
of stock at any given time and also k...


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