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Which inventory valuation method is commonly used by sole traders?
Which inventory valuation method is commonly used by sole traders?
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Practice Questions
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Q1
Which inventory valuation method is commonly used by sole traders?
FIFO
LIFO
Weighted Average
All of the above
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All of the above methods can be used by sole traders for inventory valuation.
Questions & Step-by-step Solutions
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Q
Q: Which inventory valuation method is commonly used by sole traders?
Solution:
All of the above methods can be used by sole traders for inventory valuation.
Steps: 4
Show Steps
Step 1: Understand what inventory valuation methods are. These are ways to calculate the value of the goods a business has in stock.
Step 2: Learn about the common inventory valuation methods, such as FIFO (First In, First Out), LIFO (Last In, First Out), and Weighted Average Cost.
Step 3: Recognize that sole traders, who are individuals running their own businesses, can choose any of these methods for valuing their inventory.
Step 4: Conclude that there is no single method that sole traders must use; they can select the one that best fits their business needs.
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