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6. List and briefly explain 3 methods used to calculate inventory shown on the balance sheet at the end of the year using a perpetual

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6. List and briefly explain 3 methods used to calculate inventory shown on the balance sheet at the end of the year using a perpetual inventory system; explain when it is best to use the method and the impact it has on the Balance Sheet and the Income Statement. (6 points) a. Method: Best to use when: Balance Sheet Impact Income Statement impact: b. Method: Best to use when: Balance Sheet Impact: Income Statement impact: C. Method: Best to use when: Balance Sheet Impact: Income Statement impact

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