If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the:
a. cost of goods sold of the companies will be identical
b. cost of goods purchased during the year will be identical
c. ending inventory of the companies will be identical
d. net income of the companies will be identical

If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the cost of goods purchased during the year will be identical.

Inventory refers to the stock that exists in a company for sale. It is very essential for the business for its long term success to maintain inventory records knowing how much goods are sold and how much remains. This helps in the purchase planning for the business.

In U.S the inventory flow assumptions included are LIFO,FIFO, average. In  LIFO,FIFO, average are considered as assumptions because the flow of cost will not depend on the physical way the goods gets removed from the inventory. When the companies have identical inventoriable costs and using different inventory flow assumptions where by the price of the goods are not constant then the cost of goods purchased during the year will be identical.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know