The quantity purchased and purchase price is tracked through:
A)inventory charting.
B)FIFO and LIFO only.
C)specific identification method only.
D)inventory layers.

Question

Quizplus · Accepted Answer

Inventory layers track the quantity purchased and purchase price by identifying each specific purchase as a separate layer within the inventory. This method allows for the calculation of the cost of goods sold and the value of ending inventory based on the specific units purchased and their associated costs.

The Quantity Purchased and Purchase Price Is Tracked Through