Super Star Trading Limited is evaluating the effect of various inventory costing methods (FIFO, LIFO, Average Cost)
Question:
Super Star Trading Limited is evaluating the effect of various inventory costing methods (FIFO, LIFO, Average Cost) on the financial statements of the company. The company expects moderate to high inflation in the coming years in respect of its inventory items. Which of the method will:
1. Result in highest closing inventory.
2. Result in highest cost of goods sold.
3. Result in highest profit.
4. Result in most stable profit over a period of time.
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Step by Step Answer:
Result in highest closing inventory FIFO FirstIn FirstOut FIFO assumes that the first items purchase...View the full answer
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