Which costing method is appropriate for inventories that are segregated for specific project and inventories that are not ordinarily interchangeable?
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26.The costing method that is appropriate for inventories that are segregated for a specific project and inventories that are not ordinarily interchangeable is Show a. specific identification method. c. weighted average method d. first-in, first out method  Q: An advance payment for a hotel room by a customer is reported in the balance sheet under: * A. curre... A: Advance payment means payments is made and services / goods are yet to be received . These are also ... Q: Excise and Sales Tax Calculations Fulton Corporation initially records its sales at amounts that exc... A: a. Sales Tax Liability = ($600,000 x 30% x 6%) + ($600,000 x 50% x 6%) = $10,800 + $18,000 = $28,800... Q: tcha Company reported the following changes in all the account balances for 2021, except fo ained ea... A: The dividend is declared to the shareholders from the retained earnings of the business. Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021... 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Learn more about this topic, accounting and related others by exploring similar questions and additional content below. SEE MORE QUESTIONS Recommended textbooks for you Principles of Accounting Volume 2 ISBN:9781947172609 Author:OpenStax Publisher:OpenStax College Principles of Cost Accounting ISBN:9781305087408 Author:Edward J. Vanderbeck, Maria R. Mitchell Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Managerial Accounting ISBN:9781337912020 Author:Carl Warren, Ph.d. Cma William B. Tayler Publisher:South-Western College Pub Financial & Managerial Accounting ISBN:9781337119207 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Accounting (Text Only) ISBN:9781285743615 Author:Carl Warren, James M. 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Reeve, Jonathan Duchac Publisher:Cengage Learning Which inventory cost flow method is appropriate to use if the inventory items are not interchangeable?IFRS actually requires that the specific identification method be used where the inventory items are not interchangeable (i.e., can be specifically identified). If the inventory items are not specifically identifiable, a cost flow assumption is used.
What is FIFO method used for?What is the FIFO method? FIFO stands for first in, first out, an easy-to-understand inventory valuation method that assumes that goods purchased or produced first are sold first. In theory, this means the oldest inventory gets shipped out to customers before newer inventory.
What are the 4 inventory costing methods?The four main inventory valuation methods are FIFO or First-In, First-Out; LIFO or Last-In, First-Out; Specific Identification; and Weighted Average Cost.
What are the 3 types of inventory methods?There are three methods for inventory valuation: FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost). In FIFO, you assume that the first items purchased are the first to leave the warehouse.
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