The inventory cost flow assumption in which the oldest costs incurred become part of cost of goods sold when units are sold is (Points : 1) LIFO. FIFO. the weighted average. retail.

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The inventory cost flow assumption in which the oldest costs incurred become part of cost of goods sold when units are sold is (Points : 1) LIFO. FIFO. the weighted average. retail.

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Question|Asked by ellis0501

Asked 3/10/2015 6:06:44 PM

Updated 3/11/2015 2:34:20 AM

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This answer has been confirmed as correct and helpful.

Edited by jeifunk [3/11/2015 2:33:24 AM], Confirmed by jeifunk [3/11/2015 2:33:25 AM]

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User: The inventory cost flow assumption in which the oldest costs incurred become part of cost of goods sold when units are sold is (Points : 1) LIFO. FIFO. the weighted average. retail.

Weegy: The inventory cost flow assumption in which the oldest costs incurred become part of cost of goods sold when units are sold is FIFO.
yumdrea|Points 15525|

User: Depreciation is (Points : 1) a system of cost allocation, not valuation. a system of valuation. recorded in an effort to reduce assets to their fair market value. based on an asset’s cost and residual value but not service life.

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Question|Asked by ellis0501

Asked 3/10/2015 6:06:44 PM

Updated 3/11/2015 2:34:20 AM

1 Answer/Comment

This answer has been confirmed as correct and helpful.

Edited by jeifunk [3/11/2015 2:33:24 AM], Confirmed by jeifunk [3/11/2015 2:33:25 AM]

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Depreciation is recorded in an effort to reduce assets to their fair market value.

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Added 3/11/2015 2:34:20 AM

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