for companies using a cost method other than lifo or the retail inventory method, inventory is reported at:

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04-11-2022
Business

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for companies using a cost method other than lifo or the retail inventory method, inventory is reported at:

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ayfat23 ayfat23 · Answer 1 · 2022-11-08T05:45:44-05:00

For companies that use FIFO, average cost, or any method other than LIFO or retail inventory method, inventory is valued at: The lower of cost or net realizable value.

What is First In, First Out (FIFO)?

First In, First Out (FIFO) can e described as the accounting method that is been used in the company whereby by the asset is needed to disposed, this method explains that the assets that is been purchased or acquired first are the ones that will be disposed of first.

It should be noted that When this method is been used then The lower of cost or net realizable value is been acquired.