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Class, how do (should) companies choose an inventory valuation method (i.e. LIFO, FIFO, weighted-average, specific-identification) to use? Why do companies even NEED to do this?

Class, how do (should) companies choose an inventory valuation method (i.e. LIFO, FIFO, weighted-average, specific-identification) to use? Why do companies even NEED to do this? What is the entire purpose anyway

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