(Answered) Question 1 when the fifo method is used how is the cost of

Accounting

Question: 1. When the fifo method is used, how is the cost of each kind of ending merchandise inventory determined?

2. On what idea is the lifo method based?

3. In a period of rising prices, which inventory costing method gives the highest cost of merchandise sold?

4. Why should a business select one inventory costing method and use that same method continuously for each fiscal period?

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