A company using the LIFO method reports the following in ￡:Cost of goods sold for 2018 under the FIFO method is closest to: A.￡48 B.530. C.￡49 D.080. E.￡52 F.520. 相关知识点: 试题来源: 解析 B B is correct. The adjusted COGS under the FIFO method is equal to COGS und...
The FIFO method assumes that the oldest inventory units are sold first. It’s an order-of-production approach. This means that the inventory remaining at the end of an accounting period would be the units that were most recently produced. During periods where costs for raw materials or l...
COGS calculates the direct costs of moving goods from production to consumption. Bear in mind that it does not include indirect costs such as marketing or distribution.
Thelast-in, first-out method,commonly known asLIFO,is among the most widely used methods of determining the cost of goods sold and valuing inventory. As the name suggests, themost recentlypurchased merchandise (the last in) is assumed to be sold first. Like FIFO, the LIFO method uses actua...
FIFO (first in, first out): First items made or purchased are the first sold LIFO (last in, first out): Last goods made or purchased are the first sold Average cost: Calculate average cost per item The method you use depends on your type of inventory. And, theIRS sets specific rulesfo...
Determine the Cost of Goods Sold using the Weighted Average Method and also using the First in First Out (FIFO) Method. Weighted Average FIFO ①A. 4986.02 4133.45 ②B. 5248.44 4351. 00 ③C. 4351.00 5248.44 A. 相关知识点: 试题来源: 解析 B Weighted average = cost of goods available/to...
The cost of goods sold (COGS) refers to the cost of producing an item or service sold by a company. Knowing this can help you calculate your profits.
Cost of goods sold:()。A.will always be lower when using LIFO rather than FIFO, during a period of rising pricesB.is the number of units of inventory sold multiplied by cost per unit of inventory.C.is the number of units of inventory purchased multiplied by cost per unit of inventory....
FIFO method First in, first out (FIFO)is when assets produced or purchased first are sold first. This method is best for perishables and products with a short shelf life. When prices rise, higher-cost goods are sold first, and the closing inventory is higher. This results in higher net ...
Cost of goods sold and ending inventory under three methods (FIFO,LIFO,Weighted average)uinv