Which inventory costing method most closely approximates current cost for each of the following: $\begin{array}{lcc}
& \text { Ending Inventory } & \text { Cost of Goods Sold } \\hline\end{array}$
A) $~~~~~~~~$$~~~~~~~~$FIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO
B) $~~~~~~~~$$~~~~~~~~$FIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$ LIFO
C) $~~~~~~~~$$~~~~~~~~$LIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO
D)$~~~~~~~~$$~~~~~~~~$ LIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$LIFO

Question

Which inventory costing method most closely approximates current cost for each of the following: $\begin{array}{lcc} 
& \text { Ending Inventory } & \text { Cost of Goods Sold } \\hline\end{array}$
A) $~~~~~~~~$$~~~~~~~~$FIFO   $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO  
B) $~~~~~~~~$$~~~~~~~~$FIFO  $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$ LIFO 
C) $~~~~~~~~$$~~~~~~~~$LIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO 
D)$~~~~~~~~$$~~~~~~~~$ LIFO  $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$LIFO

Quizplus · Accepted Answer

The Answer of Which inventory costing method most closely approximates current cost for each of the following: $\begin{array}{lcc} 
& \text { Ending Inventory } & \text { Cost of Goods Sold } \\hline\end{array}$
A) $~~~~~~~~$$~~~~~~~~$FIFO   $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO  
B) $~~~~~~~~$$~~~~~~~~$FIFO  $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$ LIFO 
C) $~~~~~~~~$$~~~~~~~~$LIFO $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$FIFO 
D)$~~~~~~~~$$~~~~~~~~$ LIFO  $~~~~~~~~$$~~~~~~~~$$~~~~~~~~$LIFO

Which Inventory Costing Method Most Closely Approximates Current Cost for Each