AAMI Accounting 2 Exam with Questions and Answers, Exams of Accounting

AAMI Accounting 2 Exam with Questions and Answers Total Units Cost divided Total Cost equals ANSWER✓✓ Unit Value Total Units available for sale equals ANSWER✓✓ Beginning Inventory + all purchases FIFO ANSWER✓✓ First In Last Out LIFO ANSWER✓✓ Last In First Out CGS ANSWER✓✓ Cost of Goods Sold Rising market LIFO: ANSWER✓✓ gives Higher (CGS) Rising market FIFI: ANSWER✓✓ gives Lower (CGS) Declining market LIFO: ANSWER✓✓ gives Lower (CGS) Declining market FIFO ANSWER✓✓ gives Higher (CGS)