Match the inventory costing method from the list below that is being described in each situation in letters a-e. In all cases, assume a period of rising prices. FIFOFirst in, first outLIFOLast in, first outWAWeighted averageSISpecific identification _________ a. The method that is used if each inventory item can be matched with a specific purchase and invoice. _________ b. The method that will cause the company to have the lowest income taxes. _________ c. The method that will cause the company to have the lowest cost of goods sold. _________ d. The method that will assign a value to inventory that approximates current cost. _________ e. The method that will tend to smooth out erratic changes in costs.
What will be an ideal response?
a. SI; b. LIFO; c. FIFO; d. FIFO; e. WA
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