Question

Recount the methods used to assign costs to inventory and cost of goods sold under both a perpetual and a periodic system. (Check all that apply.) Multiple select question. Weighted average Specific identification First-in, first-out Last-in, first-out First-in, last-out Last-in, last-out

Answer 1

The methods used to assign costs to inventory and cost of goods sold under both a perpetual and a period system are:

a. Weighted average

b. Specific identification

c. First-in, first-out

d. Last-in, first-out

What are the inventory methods?

For most businesses, the four inventory methods used for assigning costs to the ending inventory and the cost of goods sold for the period are the Weighted average, Specific identification, First-in, first-out, and Last-in, first-out.

Thus, the inventory methods do not include First-in, last-out Last-in, last-out.

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