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CAS E 8-2 Cost-Flow Assumptions. Where there cost for inventory purposes should be determined cost-fow method most clearly reflecting periodic income. Required a. Describe the fundamental cost-flow assumptions of the average cost, FIFO, and LIFO inventory cost-flow methods. b. Discuss the reasons for using LiFO in an infationary econamy. nined by the inventory c. Where there is evidence that the utility of goods, in their dis- posal in the ordinary course of business, will be less than cost what is the proper accounting treatment, and under what con- cept is that treatment justified?CASE 8-8 Alternative Inventory Valuations Specific identification is someti assigning cost to inventory and to cost of goods sold.Required: a. List the arguments for and against the foregoing statement b. FIFO, weighted average, and LIFO methods are often used mes said to be the ideal method for methods with the specific identification method. Include in your discussion analysis of the theoretical propriety of each method in determining income and asset valuation. (Do not define the methods or describe their technical accounting procedures.) instead of specific identification. Compare each of these
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