compute the amount of ending inventory the shirt shop would report on the balance sheet, assuming the following cost flow assumptions: (1) fifo, (2) lifo, and (3) weighted average. compute the difference in gross margin between the fifo and lifo cost flow assumptions.

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11-10-2022
Business

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compute the amount of ending inventory the shirt shop would report on the balance sheet, assuming the following cost flow assumptions: (1) fifo, (2) lifo, and (3) weighted average. compute the difference in gross margin between the fifo and lifo cost flow assumptions.

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YashBhattar YashBhattar · Answer 1 · 2022-10-24T12:23:08+02:00

Amount of ending inventory would report on the balance sheet, on the assumptions of (b) lifo concept of the accounting principles of management.

LIFO concept of accounting is very simple which accepts the record on the basis of last in first out. As the inventory keeps on changing in the production process it is accounted under the lifo process of assumptions that it keeps changing.

The other techniques of recording the transactions is based on different entries and can be combined under the weighted average accounting.

To learn more about Lifo concept here,

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