the inventory costing method that has the advantages of assigning an amount to inventory on the balance…

the inventory costing method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost and also follows the actual flow of goods for most businesses is: multiple choice lifo weighted average fifo specific identification lower of cost or market

the inventory costing method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost and also follows the actual flow of goods for most businesses is: multiple choice lifo weighted average fifo specific identification lower of cost or market

Answer

Brief Explanations:

FIFO (First - In, First - Out) assumes that the first goods purchased are the first ones sold. This means the inventory on the balance sheet consists of the most recently purchased items, approximating current cost. Also, for many businesses, it follows the actual flow of goods as older inventory is typically sold first. LIFO has the opposite effect in terms of cost flow. Weighted average gives an average cost and may not approximate current cost well. Specific identification is used when each item can be individually tracked, which is not always practical. Lower of cost or market is a valuation method, not a cost - flow method for inventory.

Answer:

C. FIFO