Examlex
Which of the following dating methods is not considered to be an absolute dating method?
Inventory Balance
The total value of a company's inventory at the end of an accounting period, comprising raw materials, work-in-progress, and finished goods.
LIFO of $450,000
The last-in, first-out method applied to inventory that results in an ending balance of $450,000.
LIFO Reserve
The difference between the cost of inventory calculated using the Last In, First Out (LIFO) method and the cost calculated using the First In, First Out (FIFO) method.
FIFO Assumption
An accounting method where the first items purchased or produced are the first ones used or sold.
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