When an item is sold from inventory cost must be assigned

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Reference no: EM131467630

1. When an item is sold from inventory a cost must be assigned in order to remove the cost of the item from inventory and determine gross profit. Discuss how the following cost methods are applied, including how the inventory is affected:

a) FIFO

b) LIFO

c) Average

2. List the costs that should be included in inventory when an item is purchased.

3. What two methods are used to estimate cost of goods sold and ending inventory and when, during the year, can they be used?

Reference no: EM131467630

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