Companies need to determine the cost of goods sold and the value of ending inventory to be reported in the balance sheet. Based on your readings of the text book and other material, discuss the four important cost flow assumptions companies use to arrive at the cost of goods sold and the value of inventory on hand. Illustrate each cost flow assumption with examples. 

Answer rating: 100% (QA)

Companies use different cost flow assumptions to determine the cost of goods sold and the value of ending inventory on their balance sheets The four m... View the full answer