For commercial reasons, a weighted average and inventory system from lifo fifo should be considered.

Explain Inventory Estimation Techniques.

Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.

Explain the inventory accounting system.

Explain how to estimate the average cost of inventory when using the retail inventory method.

A perpetual inventory system has these characteristics:

Understand inventory classifications and different inventory systems.

Define Inventory Turnover?  Explain what the results mean and provide an example.

Explain how the retail inventory method can be made to approximate the lower of cost or market rule.

Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).