Photos are intended for general color reference only. Refer to Color Chart for actual color samples. Hawthorne Starfire Acrylic Urethane Auto Paint is a premium quality, single-stage OEM/Refinishing System which provides excellent gloss and durability in an easy to apply economical single-stage package.
Different cost of goods sold and inventory values us ually result from different cost flow assumptions. During periods of rising prices, FIFO produces lower cost of goods sold, higher ending inventory, and. higher gross profit (and income) than LIFO because FIFO includes the oldest and lowest costs in cost.
Understand and apply the lower-of-cost-or-market rule used to value inventories. Estimate ending inventory and cost of goods sold using the gross profit method. Estimate ending inventory and cost of goods sold using the retail inventory method, applying the various cost flow methods. Explain how the retail inventory method can be made to approximate the lower-of-cost- or-market rule. Determine ending inventory using the dollar-value LIFO retail inventory method.