18. KEY: 1 = An inventory valuation method 2 = An inventory estimation method 3

Question

18. KEY: 1 = An inventory valuation method
2 = An inventory estimation method
3 = An inventory system

Required: Using the key above, indicate whether the following are inventory valuation methods, inventory estimation methods, or inventory systems.

_____ a. Specific Identification _____ f. Dollar Value LIFO
_____ b. Perpetual _____ g. LIFO
_____ c. FIFO _____ h. Periodic
_____ d. Conventional Retail _____ i. Weighted Average
_____ e. Moving Average _____ j. Gross Profit





19. The Florida Corp. closes its books once a year on Dec. 31. On Aug. 12, 2011, Florida

Explanation / Answer

Please only post ONE question at a time. Below is the answer to 18: 18. KEY: 1 = An inventory valuation method 2 = An inventory estimation method 3 = An inventory system Required: Using the key above, indicate whether the following are inventory valuation methods, inventory estimation methods, or inventory systems. 1 a. Specific Identification 3 b. Perpetual 1 c. FIFO 2 d. Conventional Retail 1 e. Moving Average 1 f. Dollar Value LIFO 1 g. LIFO 3 h. Periodic 1 i. Weighted Average 2 j. Gross Profit

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