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 affect the balance

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.

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