Question

The inventory costing method that identifies each item in ending inventory with a specific purchase and invoice is the:______.

Answer 1

The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: Weighted average inventory method.

What is Weighted average inventory method?

The COGS and inventory amounts are determined using a weighted average in the Weighted Average Cost (WAC) technique of inventory valuation in accounting. The weighted average cost method divides the price of the items up for grabs by the quantity of them. Under IFRS accounting as well as GAAP, the WAC approach is acceptable. Beginning inventory value plus acquisitions are used to compute costs of products that are offered for sale.

The number of units a business can sell, or the total number of units in inventory, is determined by adding the beginning inventory in units plus the purchases in units.

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