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Unformatted text preview: 1. Average cost flow assumption 2. First-in, First-out (FIFO) 3. Last-in, First-out (LIFO) Compute the cost of ending inventory and the cost of goods sold using the specific identification, weighted average cost, FIFO, and LIFO methods under the periodic inventory system.-Specific identification Method- requires that we assign e ach inventory ite m a specific n a m e or nu m b er a nd cost.-Weight ed av erag e inventory costing- values all units at the s a m e weight ed averag e c co mput ed at the end of e ach p eriod-FIFO First in, last out-LIFO Last in, first out...
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This note was uploaded on 04/07/2008 for the course ACCT 131 taught by Professor Dickkochanek during the Spring '08 term at UConn.
- Spring '08