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FIFO, LIFO, and weighted average inventory costing methods are based on: A) assumptions that accountants make about the flow of inventory costs. B) the actual
FIFO, LIFO, and weighted average inventory costing methods are based on:
A) assumptions that accountants make about the flow of inventory costs.
B) the actual physical flow of goods purchased and sold by a business.
C) surveys taken that ask real companies how they value their inventories.
D) the accounting equation (assets = liabilities + stockholders' equity).
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