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In Summary
Determine the value of inventory using the specific identification method under the periodic
inventory system
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This method is similar to the perpetual inventory system except that sales are grouped at the
bottom of the schedule because COGS is not known until the end of the period.
Determine the value of inventory using the first-in, first-out (FIFO) method under the
periodic inventory system
Ì
Ì
This method is similar to the perpetual inventory system except that sales are grouped at the
bottom of the schedule because COGS is not known until the end of the period.
Determine the value of inventory using the weighted-average cost method under the periodic
inventory system
Ì
Ì
The average unit cost is only calculated once at the end of the period.
Ì
Ì
Sales are grouped at the bottom of the schedule because COGS is not known until the end
of the period.
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Chapter 8 Appendix
Inventory Valuation
