Match each description to the appropriate cost flow assumption (a-c). a. FIFO
b. LIFO
c. Weighted average
5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system
6. Rarely used with a perpetual inventory system
7. Produces results that are similar to the specific identification method
8. Widely used for tax purposes
9. Never results in either the highest or lowest possible net income
10. Produces the highest gross profit when costs are decreasing
11. Produces the highest ending inventory when costs are increasing
12. Assigns the same value to all inventory units
13. Prohibited under International Financial Reporting Standards (IFRS)
14. Does not follow the physical flow of goods in most cases
15. Cost of the latest purchases are assigned to ending inventory

5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system

Cost flow assumption: FIFO

6. Rarely used with a perpetual inventory system

Cost flow assumption: Weighted average

7. Produces results that are similar to the specific identification method

Cost flow assumption: FIFO

8. Widely used for tax purposes

Cost flow assumption: LIFO

9. Never results in either the highest or lowest possible net income

Cost flow assumption: Weighted average

10. Produces the highest gross profit when costs are decreasing

Cost flow assumption: LIFO

11. Produces the highest ending inventory when costs are increasing

Cost flow assumption:  FIFO

12. Assigns the same value to all inventory units.

Cost flow assumption: Weighted average

13. Prohibited under International Financial Reporting Standards (IFRS) Cost flow assumption: LIFO

14. Does not follow the physical flow of goods in most cases

Cost flow assumption: LIFO

15. Cost of the latest purchases are assigned to ending inventory

Cost flow assumption: FIFO

Here's the completed question.

Question: The company would like to reduce the double and sometimes triple handling of items. How can this goal be achieved? Are there alternative solutions which might also be effective?

1. Using the Just in Time Management inventory technique.

2. Using automated inventory processing systems, changing physical layout of warehouse.

Explanation:

1. The Just in time method would allow Hawkins Supply company to quickly process its inventory by adopting a principle of processing smaller batches with reduced factory space. Doing so would minimise the worries about expired inventory since the inventory isn't excessive.

2. There are automated softwares such as the KANBAN system that would automated the process, requiring lesser use receipts to track inventories. Another alternative is to restructure the warehouse by making provision for racks that could be numbered serially to easily find desired inventory.