September 2023 Of the 3 common inventory methods LIFO FIFO or average cost which method is used the most and

Of the 3 common inventory methods (LIFO, FIFO, or average cost), which method is used the most and why? 

 

What is the actual purchase price of goods?

 

What is the difference between gross sales and net sales?

 

With constant price changes in the economy, how does management assign a value to its inventory?

 

Understand Inventory fundamentals and Classification

 

Identity Cost Flow Assumptions.

 

Examine the outcomes of cost flow assumption choice on the Balance Sheet.

 

Analyze the impact of inventory methods on net income or loss

 

 

Please make sure each response is at least 75 words and please use the following link below to get the answers !!!

 

https://phoenix.vitalsource.com/books/9781119228301/epubcfi/6/30[;vnd.vst.idref=c06]!/4/6[c06-sec-0003]/10[c06-sec-0006]/16[c06-sec-0011]/12/6[c06-sec-0014]/8/2/[email protected]:0