value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Do not round

How do i calculate ending inventory and cost of goods sold using LIFO?

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

Select all that apply Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory Check all that apply) A business may adopt any cost flow assumption when accounting for perishable sems Perishable-items Usually have an actual physical flow of FIFO Penshable items neve an actual physical flow of LIFO Cost flow in an assumption about which goods/items are sold Physical flow refers to the actual movement of goods