Homework Answers
The cost flow of inventory should be consistent with the physical flow.
The given statement is false.
Cost flow and physical flow are two different terms. Cost floe method like FIFO, LIFO, weighted average and specific identification method are used for accounting purpose only but it does not mean that actual physical flow of goods take place according to cost flow method.
Physically all inventory units are identical but for accounting purpose, these are treated differently.
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