Question: There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are the differences between each method? How does each method

There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification.

  • What are the differences between each method?
  • How does each method affect the balance sheet and the income statement?
  • What do I mean when I say that inventory costing methods are not related to the physical flow of inventory? Please give an example.

Please make it a unique answer

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