Select all that applyWhich of these inventory accounting methods are acceptable under US GAAP? (Check all that apply.)Multiple select question.LUDOFIDOWeighted averageFIFOSpecific identificationLIFOCount and carry

Which of the following methods are available for costing inventory? (Select all that apply.)Multiple select question.Simple-averageWeighted-averageNIFOSpecific identificationLIFOFIFO

Which statement is true?Multiple choice question.Specific identification, weighted average cost, LIFO and FIFO are acceptable GAAP costing methods.The inventory costing methods reflect the amount paid for the purchases of inventory.The inventory costing methods must mirror the physical flow of goods.

Select all that applyThe method of amortization used for intangible assets (Select all that apply.)Multiple select question.should reflect the pattern of use of the asset.is mandated by GAAP.is most commonly straight-line.includes the percentage-of-completion method.

The inventory method selected by management does not have to correspond to the physical flow of goods to be in accordance with GAAP.True false question.TrueFalse

Select all that applyWhich statement are true? (Select all that apply.)Multiple select question.Specific identification, weighted average cost, LIFO and FIFO are generally accepted costing methods.The inventory costing methods determine the amount of the debit to Cost of Goods Sold and credit to Inventory.The inventory method used must correspond with the actual physical flow of goods.The inventory methods apply to both perpetual and periodic inventory systems.