60.Which inventory costing method most closely approximates current cost for eachof the following:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO Show A) Ending Inventory Cost of Goods Sold FIFO FIFO B) Ending Inventory Cost of Goods Sold LIFO LIFO C) Ending Inventory Cost of Goods Sold FIFO LIFO D) Ending Inventory Cost of Goods Sold LIFO FIFO Answer: C 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO<p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting In order to continue enjoying our site, we ask that you confirm your identity as a human. Thank you very much for your cooperation. <p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting In order to continue enjoying our site, we ask that you confirm your identity as a human. Thank you very much for your cooperation. <p> </p> <p><em><strong> </strong></em></p> <p><em><strong>Cost of Goods Sold Ending inventory</strong></em></p> <p><em><strong> a) LIFO FIFO</strong></em></p> <p><em><strong> b) LIFO LIFO</strong></em></p> <p><em><strong> c) FIFO FIFO</strong></em></p> <p><em><strong> d) FIFO LIFO</strong></em></p> Accounting Financial Accounting Which inventory costing method approximates most closely the current cost for cost of goods sold and ending inventory?The last-in-first-out (LIFO) method assumes that the most recent inventory is sold first resulting in the current cost being recorded to cost of goods sold.
Which inventory method is closest to current cost?(a) First-in, First-out (FIFO): Under FIFO, the cost of goods sold is based upon the cost of material bought earliest in the period, while the cost of inventory is based upon the cost of material bought later in the year. This results in inventory being valued close to current replacement cost.
Which inventory costing method provides the most current?LIFO gives the most realistic net income value because it matches the most current costs to the most current revenues.
What is the LIFO cost of goods sold?LIFO stands for “Last-In, First-Out”. LIFO is the opposite of the FIFO method and it assumes that the most recent items added to a company's inventory are sold first. The company will go by those inventory costs in the COGS (Cost of Goods Sold) calculation.
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Which inventory costing method most closely approximates current cost for cost of goods sold?
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