I need some assistance with these 2 participating post questions. Thank you Cost of goods sold are often reported separately on the income statement....

I need some assistance with these 2 participating post questions. Thank you

Cost of goods sold are often reported separately on the income statement.  What are the steps in calculating cost of goods sold? What items make up cost of goods sold?

What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does your company, or a company you are familiar with, determine what cost flow assumption it should use?