Inventory costing methods are approaches used by companies to collect, analyze, summarize, and evaluate the flow of inventory costs. The activity of the firm could determine what type of costing method will be implemented. We can identify four (4) costing methods: <em>Specific Identification; First-In, First-Out (FIFO); Last-In, First-Out (LIFO); </em>and <em>Weighted-Average</em>.
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