Which of the following accurately describes a company’s choice of inventory cost method? Multiple Choice A...

Which of the following accurately describes a company’s choice of inventory cost method?

Multiple Choice

A company can choose which inventory method it prefers, even if the method does not match the actual physical flow of goods.
Once a company chooses a method, it is not allowed to frequently change to another one.
All of the other answers are correct.
A company need not use the same method for all of its inventory.

Expert Solution

A company can choose which inventory method it prefers, even if the method does not match the actual physical flow of goods. - True

Reason - Actual physical flow of the company need not be matched to chooses the method of inventory, any metrhod that closely determines the value of inventory can be used for valuation. The same is called substance over form.

Once a company chooses a method, it is not allowed to frequently change to another one.- True

Reason :- This is due to the concept of consistency, however this does not mean that the company can never change the method.

A company need not use the same method for all of its inventory. - True

Reason:- A company can have diversified range of products, it is not practical to use same method of inventory valuation on different kind of products. Each product should use the method most closely accurate.

Answer:-All of the other answers are correct.

ekkarill92 answered 2 years ago

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