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Match the inventory valuation methods with their descriptions. 1. specific identification 2. first-in-first out (FIFO)...

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Accounting

Match the inventory valuation methods with their descriptions.

1. specific identification

2. first-in-first out (FIFO)

3. last-in-first-out (LIFO)

4. weighted average

A. Assumes that newest inventory is used prior to previously acquired inventory. ______

B. Assumes inventory is commingled and value is based on mean costs. ______

C. Inventory is matched with items of inventory with its specific cost _____

D. Assumes oldest inventory is used before newer inventory.

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