Over the years, the accounting profession hasn’t managed to settle on just one method for recording cost of goods sold and inventory cost [for unique products]. Different methods have been allowed for many years. A business is entirely at liberty to choose whichever method it wishes from among the generally approved methods, which are as follows: Average cost method: The costs of different batches of products are averaged to determine cost of goods sold expense and ending inventory cost. First-in, [...]
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