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.
During periods of inflation, the use of LIFO will result in the highest estimate of cost of goods sold among the three approaches, and the lowest net income. (c). : Under the weighted average approach, both inventory and the cost of goods sold are based upon the average cost of all units bought during the period.When inventory turns over rapidly this approach will more closely resemble FIFO than LIFO.a). : Under FIFO, the cost of goods sold is based upon the cost of material bought earliest in the period, while the cost of inventory is based upon the cost of material bought later in the year.