TRUE OR FALSE:

1. If a company has no beginning inventory and the unit cost of inventory items does not change during the year, the value assigned to the ending inventory will be the same under the FIFO and weighted average cost formulas.

2. One of the considerations in choosing a cost determination method is to report an inventory cost on the balance sheet that is close to the inventory’s recent costs.

Answer rating: 100% (QA)

1 True It is true that If a company has no beginning inventory and the unit cost of inventory item... View the full answer