ACC 205 Week 3 DQ 2 (FIFO and LIFO) - ACC 205(Principles of Accounting I Ashford Week 3 Discussion Question 2 Describe the inventory valuation methods

ACC 205 Week 3 DQ 2 (FIFO and LIFO) - ACC 205(Principles of...

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ACC 205 (Principles of Accounting I - Ashford) Week 3 Discussion Question 2 Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method? Respond to at least two of your classmates’ postings.
Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method? Respond to at least two of your classmates’ postings. The inventory valuation methods in FIFO and LIFO are reported as follows: FIFO = First In, First Out; based on a sale, the inventory purchased first is the inventory sold first. The ending inventory in this situation would be more higher cost per unit on hand, selling the lower cost per unit goods first. ( The last - the newest - costs) LIFO - Last In, First Out; based on a sale, the inventory that was purchased last is the inventory that is sold first. The ending inventory in this situation would be the first inventory purchased,

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