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Average Cost Flow Assumption. A calculation used by companies to monitor inventory goods. The average cost flow assumption is one of a variety of cost flow assumption methods used to determine the cost of goods sold (COGS) and ending inventory. Companies use one or more methods to make certain assumptions regarding which goods have been sold and which remain in inventory.
Libby - Chapter 07 #16 Topic Area: Valuation At Lower Of Cost Or Market 17. The journal entry to write-down inventory under the lower-of-cost-or-market (LCM) rule results in a decrease in both ending inventory and cost of goods sold. FALSE Cost of goods increases when inventory is written down.