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Illustrate with examples the inventory assumptions, such as LIFO and FIFI. Show their effects on the cost of goods sold, net income and taxes. Does

Illustrate with examples the inventory assumptions, such as LIFO and FIFI. Show their effects on the cost of goods sold, net income and taxes.

Does a company really need account payable? Why or why not? (Link your answers of payables to inventory.)

Why do we need depreciation? What effects do different depreciation methods have on expenses and assets?

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