When Bark Three Times Pet Store sells inventory, the value of the cost of goods sold reported on the income statement will depend on which inventory valuation method it uses.

Question

Quizplus · Accepted Answer

The cost of goods sold will be calculated differently depending on whether the store uses FIFO, LIFO or weighted average method to value its inventory, which will affect the value reported on the income statement.

When Bark Three Times Pet Store Sells Inventory, the Value