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FIFO First in, first out LIFO Last in, first out WA Weighted average SI Specific...

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Accounting

FIFO First in, first out LIFO Last in, first out WA Weighted average SI Specific identification The method that is used if each inventory item can be matched with a specific purchase and invoice. The method that will cause the company to have the lowest income taxes. The method that will cause the company to have the lowest cost of goods sold. The method that will assign a value to inventory that approximates current cost. The method that will tend to smooth out erratic changes in costs. A. WA B. LIFO C. Specific Identification (SI) D. FIFO E. FIF

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