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Unformatted text preview: b. matches the flow of recorded costs with the physical flow of goods. c. can be used only with a perpetual inventory system. d. is a violation of generally accepted accounting principles. 4. In a period of rising prices, the inventory cost allocation method that tends to result in the lowest reported net income is a. LIFO. b. FIFO. c. moving average. d. weighted average. 5. Which of the following inventory costing methods reports most closely the current cost of inventory on the balance sheet? a. FIFO b. Specific identification c. Weighted average d. LIFO...
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This note was uploaded on 12/07/2009 for the course ACCT ACCT 203 taught by Professor Kim during the Fall '09 term at HKUST.
- Fall '09