Answer FIFO, LIFO or Average cost 1Produces the same COGS under both the periodic and the perpetual inventory systems.
2. Rarely used with a perpetual inventory system.
3. Produces results that are similar to the specific identification method.
4. Widely used for tax purposes.
5. Never results in either the highest or lowest possible net income.
6. Produces the highest gross profit when costs are decreasing.
7. Produces the highest ending inventory when costs are increasing.
8. Assigns the same value to all inventory units.
9. Prohibited under International Financial Reporting Standards (IFRS).
10. Does not follow the physical flow of goods in most cases.
11. Cost of the latest purchases are assigned to ending inventory