management has adopted a policy of reporting its unsold inventory at the end of each year at the lower of lifo cost or the estimated selling price of that inventory in the next year. which of the following statements is correct?

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30-11-2022
Business

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management has adopted a policy of reporting its unsold inventory at the end of each year at the lower of lifo cost or the estimated selling price of that inventory in the next year. which of the following statements is correct?

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sapanpandit sapanpandit · Answer 1 · 2022-12-03T13:16:34+01:00

At the lower of lifo cost Management also needs to consider the inventory's replacement cost.

"Last-In, First-Out" is an abbreviation for LIFO. It is a technique used in the computation of cost of goods sold to support cost flow assumptions. The LIFO approach is predicated on the idea that the most recent items added to a company's inventory have already been sold. These current products' purchase prices are the ones that were used in the calculation.

Once the price of freshly created or purchased goods has been established, the earlier prices are assigned to the closing inventory count. This strategy is a close relative of the FIFO method.

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