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Explain (220 to 250 words) the five following methods of inventory valuation:- 1/. LIFO (Last in First out)? 2/. FIFO (First in First out)? 3/.

Explain (220 to 250 words) the five following methods of inventory valuation:-

1/. LIFO (Last in First out)?

2/. FIFO (First in First out)?

3/. Averaging?

4/. Specific Identification?

5/. LCM (Lower of Cost or Market)?

(Please type up your answer and keep within the word limit)

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