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Discuss the treatment of freight-in, net markups, normal spoilage, and employee discounts in the application of the retail inventory method. Explain the difference between the

  • Discuss the treatment of freight-in, net markups, normal spoilage, and employee discounts in the application of the retail inventory method.
  • Explain the difference between the retail inventory method using LIFO and the dollar-value LIFO retail method.
  • Describe the accounting treatment for a change in inventory method other than to LIFO.

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