Valuation Of Inventory (FIFO, AVCO... Ect) Flashcards by Ezekiel Fray

Q

Inventory valuation is usually at the the (Lower/Higher) of cost and net resellable value ?

A

Lower

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Valuing inventory

If the cost price is lower than the selling price of the inventory you would value the inventory at the (Cost/Selling) price ?

A

Cost price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Valuing inventory

If the cost price is higher than the selling price of the inventory you would value the inventory at the (Cost/Selling) price ?

A

Selling price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly