by admin | Oct 3, 2023 | AutoCount Stock Training Note
Chapter 2 – Understand the Costing Method Chapter 2.6 – Advantage and Disadvantage of FIFO and Weighted Average Method The table below shows the advantages and disadvantages of FIFO and the Weighted Average Method: Issue FIFO Method Weighted Average Method...
by admin | Oct 3, 2023 | AutoCount Stock Training Note
Chapter 2 – Understand the Costing Method Chapter 2.5 – Difference Between FIFO and LIFO Method a. What are FIFO and LIFO, and why use one method over the other? Here are some considerations for accounting, materials flow, and financial analysis: Issue...
by admin | Oct 3, 2023 | AutoCount Stock Training Note
Chapter 2 – Understand the Costing Method Chapter 2.4 – Weighted Average Costing Method Weighted Average Method – valuing both inventory and the cost of goods sold based on the average cost of all materials bought during the period. – A method used to...
by admin | Oct 3, 2023 | AutoCount Stock Training Note
Chapter 2 – Understand the Costing Method Chapter 2.3 – LIFO Costing Method last in, first out (LIFO) – last item of inventory purchased is the first one sold. During periods of inflation, LIFO will result in: a. highest cost of goods sold b. lowest net...
by admin | Oct 3, 2023 | AutoCount Stock Training Note
Chapter 2 – Understand the Costing Method Chapter 2.2 – FIFO Costing Method first in, first out (FIFO) – first goods purchased are also the first goods sold. Most companies use the FIFO method to value their inventory: a. Closely matches the actual flow of...
