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    mcfc's Avatar
    mcfc Posts: 1, Reputation: 1
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    #1

    Nov 14, 2013, 10:41 AM
    Free answers to accounting questions
    In a period of rising prices, the inventory reports to Gumby Company’s balance sheet is close to the current cost of the inventory. Pokey Company’s inventory is considerably below its current cost. Identify the inventory cost flow method being used by each company.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 14, 2013, 12:53 PM
    Sounds like First-In First-Out (FIFO) and Last-In Last-Out (LIFO) methods to me.

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