Write the letter of the method that is most applicable to each statement. a. Spe

ID: 2380840 • Letter: W

Question

Write the letter of the method that is most applicable to each statement.

a. Specific identification

b. Average cost

c. First-in, first-out (FIFO)

d. Last-in, first-out (LIFO)

_______ 1. Is the most realistic ending inventory

_______ 2. Results in cost of goods sold being closest to current product costs

_______ 3. Results in highest income during periods of inflation

_______ 4. Results in highest ending inventory during periods of inflation

_______ 5. Smooths out costs during periods of inflation

_______ 6. Is not practical for most businesses

Specific identification 1. Is the most realistic ending inventory

Last-in, first-out (LIFO)2. Results in cost of goods sold being closest to current product costs

First-in, first-out (FIFO) 3. Results in highest income during periods of inflation

First-in, first-out (FIFO) 4. Results in highest ending inventory during periods of inflation

Average cost 5. Smooths out costs during periods of inflation

Specific identification 6. Is not practical for most businesses

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