inventory costing method closely approximates current cost ending inventory

Which inventory costing method most closely approximates current cost for ending inventory?

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

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

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<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

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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

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

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<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

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P60.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO61.In situations where there is a rapid turnover, an inventory method which produces abalance sheet valuation similar to the first-in, first-out method is62.The pricing of issues from inventory must be deferred until the end of the accountingperiod under the following method of inventory valuation:63.An inventory pricing procedure in which the oldest costs incurred rarely have an effect onthe ending inventory valuation is64.Which method of inventory pricing best approximates specific identification of the actualflow of costs and units in most manufacturing situations?a. Average costb. First-in, first-outc. Last-in, first-outd. Base stockDelivered to you by tbsresources.wix.com/tbsresources 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

Which inventory costing most closely approximates current cost for ending inventory?

(b) Last-in, First-out (LIFO): Under LIFO, the cost of goods sold is based upon the cost of material bought towards the end of the period, resulting in costs that closely approximate current costs.

Which inventory costing method most closely approximates recent costs for ending inventory and cost of goods sold respectively?

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.

What is the cost of ending inventory under FIFO?

According to the FIFO method, the first units are sold, and the calculation uses the newest units. So, the ending inventory would be 1,500 x 10 = 15,000 since $10 was the cost of the newest units purchased. The ending inventory for Harod's company would be $15,000.

Which inventory method will provide the highest ending inventory?

Answer and Explanation: The average-cost method generally results in the most realistic ending inventory figure.

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