Which inventory costing method assumes that the oldest inventory items are sold first?

In a stable price environment, how does the choice of inventory costing method affect net income?

In a rising price environment, how does the choice between FIFO and LIFO affect the gross profit and net income?

If a company uses the FIFO method in a period of rising prices, how will this affect the cost of goods sold compared to the LIFO method?

How would you explain the differences between FIFO, LIFO, and average cost to a new accounting intern?

Which inventory costing method results in the lowest cost of goods sold in a rising price environment?

A company has the following inventory transactions: Purchase 100 units at \$10 each, Purchase 100 units at \$12 each, and Sale of 150 units. Calculate the ending inventory value using the LIFO method.

Why might a company choose FIFO over LIFO in a period of rising prices?

How does the use of a LIFO reserve improve financial statement comparability?

How does the average cost method affect gross profit in a stable price environment?