Term
| Specific Identification Method |
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Definition
| Most realistic ending inventory |
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Term
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Definition
| Results in cost of goods sold being closest to current product costs. |
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Term
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Definition
| Results in highest income during periods of inflation. |
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Term
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Definition
| Results in highest ending inventory during periods of inflation. |
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Term
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Definition
| Smooths out costs during periods of inflation. |
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Term
| Specific Identification Method |
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Definition
| Is not practical for most businesses. |
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Term
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Definition
| Puts more weight on the cost of the larger number of units purchased. |
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Term
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Definition
| Is an assumption that most closely reflects the physical flow of goods for most businesses. |
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Term
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Definition
| Is not an acceptable method under IFRS. |
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