Ask Question
BusinessBusiness
25 May, 21:35

The inventory costing method that reports the earliest costs in ending inventory is a. weighted average b. specific identification c. LIFO d. FIFO

+4
Answers (1)
  1. 25 May, 22:06
    0
    c. LIFO

    Explanation:

    LIFO is the inventory costing method that reports the earliest costs in ending inventory. It is also a method of costing that will yield the largest net income when inventory is being valued at the cost and the purchase price remain same. It also assign the most recent costs to the cost of merchandise sold. This method is used only in United states and is been governed by the general accepted accounting principles (GAAP).
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The inventory costing method that reports the earliest costs in ending inventory is a. weighted average b. specific identification c. LIFO ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $3,600 (that had cost $2,660) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee.
Answers (1)
Transfer payments are Multiple Choice excluded when calculating GDP because they do not reflect current production. included when calculating GDP because they increase the spending of recipients.
Answers (1)
If a formula had addition, division, exponents, and brackets which would the spreadsheet calculate first? division addition brackets exponents
Answers (1)
Fixed overhead costs: A. never have any unused capacity B. should be unitized for planning purposes C. are unaffected by the degree of operating efficiency in a given budget period D. Both A and B are correct.
Answers (1)
On May 15, Monique Company purchased $40,000 of merchandise from the Terrell Company, with terms of 1/10, n/30. On May 17, Monique paid $310 to Swift Trucking Company for freight on the shipment.
Answers (1)
New Questions in Business
A mutual fund had NAV per share of $19.00 on January 1, 2016. On December 31 of the same year, the fund's NAV was $19.14. Income distributions were $0.57, and the fund had capital gain distributions of $1.12.
Answers (1)
What is meant by assessment? a. Activities that occur between two or more businesses. b. Provides services for connecting network resources across network domains. c. Documenting rules, procedures, and guidelines to be tested against a system. d.
Answers (2)
One financial institution is offering a 1% interest rate on savings accounts while another institution is offering a 2% interest rate on savings accounts. Out of the two financial institutions, which offer would the bank probably be offering
Answers (1)
Gault Corporation had the following shares of stock outstanding on December 31, 2018: Common stock, $50 par value, 200,000 shares outstanding Preferred stock, 8 percent, $100 par value, cumulative, 20,000 shares outstanding Dividends were in arrears
Answers (1)
An economy begins in long-run equilibrium, and then a change in government regulations allows banks to start paying interest on check - ing accounts.
Answers (1)
Home » Business » The inventory costing method that reports the earliest costs in ending inventory is a. weighted average b. specific identification c. LIFO d. FIFO
Sign Up Forgot Password?