QUESTION 1 A significant amount of accounting information is dedicated to planning and contraling the use of dfferent categories of inventory and their attributable costs. Discuss, with examples, the five categories of costs that are associated with merchandise for resale and materials used for production.

1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification

Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost

Which of the following items are included when calculating the carrying cost of inventory? (Select all that apply.) ✔ warehousing costs manufacturing costs procurement costs O financing costs