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Explain when the cost of inventory is first in first out

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Reference no: EM132689453

Question 1: When the cost of inventory is First In First Out, then:

Option 1: First in of inventory is still here (FISH)

Option 2: Last in of inventory is still here (LISH)

Option 3: of measurement of inventory is still here

Option 4: Weighted average of inventory is still here

Question 2: To test for existence, an auditor would start:

Option 1: The journals and trace back to the general ledger

Option 2: The general ledger and trace forward to the financial statements

Option 3: The source documents and trace forward to the financial statements

Option 4: The financial statements and trace back to the source documents

Reference no: EM132689453

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