Solved

Which Inventory Costing Method Uses the Oldest Cost for Cost

Question 23

Multiple Choice

Which inventory costing method uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet?


A) LIFO
B) Specific identification
C) FIFO
D) Weighted average

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q18: Inventory shipped FOB destination and in transit

Q19: Inventory shipped FOB shipping point and in

Q20: If the Ball Corp.writes down its inventory,its:<br>A)cost

Q21: For a merchandiser,inventory turnover refers to how

Q22: Delta Diamonds uses a periodic inventory system.The

Q24: The assignment of costs to cost of

Q25: Delta Diamonds uses a periodic inventory system.The

Q26: Which company is most likely to have

Q27: Windrose,Inc.uses a periodic inventory system and its

Q28: Match the term to the appropriate definition.There