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What the cost flow assumption used by kingman

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Reference no: EM132817554

Problem 1: Nichols Company had 500 units of "Dink" in its inventory at a cost of P 5 each. It purchased, for P 2,400, 300 more units of "Dink". Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of P 2,700. The cost flow assumption used by Kingman

a. FIFO

b. LIFO

c. Weighted average

d. Cannot be determined from the information given

Reference no: EM132817554

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