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3 years ago

When using the specific identification inventory method, cost of goods sold equals the ______.

1 answer:

4 0

With the <em>specific identification inventory method</em>, the Cost of Goods Sold equals the <em>exact costs of the items sold.</em>

The <em>specific identification inventory method</em> tracks each sold item to record its cost. The Cost of Goods Sold includes only the actual cost of the items sold and not an average or assumed cost.

The <em>specific identification inventory method</em> is not like the:

FIFO (First-in, First-out) method that assumes that items sold are from the first inventories in the store
LIFO (Last-in, First-out) method that assumes that items sold are from the last inventories in the store
Weighted-average method that takes the average cost for all the items in store to determine the cost of goods sold.

Thus, the <em>specific identification method</em> ensures that the Cost of Goods Sold equals the actual cost of the goods.

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3 years ago

If job a and job b are identical in all aspects, except that job b pays higher wages, what will happen over time?

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3 years ago

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<h3>What is a transactional marketing strategy?</h3>

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2 years ago

BPS reported the following data for its first year of operations: Sales Revenue $8,000 Cost of Goods Available for Sale 6,200 Op

Fittoniya [83]

Answer:

D. $952

Explanation:

The computation of the net income in the case when the LIFO is elected

Particulars AMount

Net sales $7,232 ($8,000 - $640 - $128)

less : cost of goods sold ($6,200 - $820) $5,380

Gross Profit $1,852

Less: Operating Expenses $900

Income before taxes $952

less: Income tax $0

Net income $952

Hence, the net income is $952

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3 years ago