INVENTORY COSTING AND VALUATION. The acquisition cost of inventory remaining at the end of a period is measured using LIFO, FIFO, or average cost.
a. Rank cost of goods sold, gross profit, and ending inventory from highest to lowest under the three cost-flow assumptions when input prices are rising.
b. How should differences between acquisition cost and the market value of inventory be reported on the balance sheet under IFRS and U.S. GAAP?