Required: 1. Calculate the LCNRV for the: a. inventory by major group b. inventory, applied separately to each product. 4

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

Identify inventory classifications and different inventory systems.

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

2.The __________ method and the __________ method are the two common approaches to record inventory in financial statements.

The inventory valuation method which assumes that the items purchased first are the first items to be sold is called the _____ method. average costLIFO     specific identificationFIFO