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Accounting Understanding Inventory Valuation 1. What is the (Mr. Breitsprecher's Business Ed Home Page)

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©2018 Mr. Breitsprecher & BreitLinks (www.breitlinks.com). All Rights Reserved Inventories: FIFO, LIFO, and Weighted Average
Accounting
Understanding Inventory Valuation
FIFO, LIFO, and Weighted Average Name: _______________________
1. What is the main reason that Generally Accepted Accounting Principles (GAAP)
needs to use consistent and standard methods to value inventory? (FIFO, LIFO,
Weighted Average)?
2. Does the physical flow of merchandise from inventory have to be the same as the flow
of costs in the accounting process – PLEASE EXPLAIN YOUR ANSWER.
3. In your own words, please explain the concept behind FIFO.
4. In your own words, please explain the concept behind LIFO.
©2018 Mr. Breitsprecher & BreitLinks (www.breitlinks.com). All Rights Reserved Inventories: FIFO, LIFO, and Weighted Average
5. In your own words, please explain the concept behind Weighted Average.
6. Please identify and explain 3 advantages of the FIFO method.
7. Please identify and explain 2 disadvantages of the FIFO method.
8. Please identify and explain 3 advantages of the LIFO method.
©2018 Mr. Breitsprecher & BreitLinks (www.breitlinks.com). All Rights Reserved Inventories: FIFO, LIFO, and Weighted Average
9. Please identify and explain 2 disadvantages of the LIFO method.
10. Please identify 2 advantages of the Weighted Average method.
11. Please identify a disadvantage of the Weighted Average method.
12. Assume you are setting us a small retail business, selling widgets, and you expect the
cost of your inventory to typically rise because of inflation. What inventory valuation
method would you choose? PLEASE BE SURE TO EXPLAIN WHY.
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Completed 15 December 2020

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