15. points KEY: 1 = This inventory method may be used with a periodic inventory

Question

15. points KEY:
1 = This inventory method may be used with a periodic inventory only
2 = This inventory method may be used with a perpetual inventory only
3 = This inventory method may be used with both a periodic and perpetual inventory
4 = This inventory method may not be used with either a periodic and perpetual inventory

Required: Using the key above, indicate whether the following inventory methods may be used with a periodic inventory, a perpetual inventory, both inventories, or neither inventory.

_____ a. Specific Identification _____ d. Dollar-Value LIFO
_____ b. FIFO _____ e. Weighted Average
_____ c. Conventional Retail

Explanation / Answer

A.4 b.3 c.4 d.3 e.1

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