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please help in a time crunch. There are many differences between inventory cost flow assumptions. Listed below is a series of descriptive statements. For each
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in a time crunch.
There are many differences between inventory cost flow assumptions. Listed below is a series of descriptive statements. For each statement, indicate if it applies to Lifo or FIFO or both. a. Requires increased cash outflows during periods of rising prices. b. Places the most recent costs in cost of goods sold. c. Is susceptible to possible income manipulation. d. Includes all of the holding gains in income. e. Usually approximates the physicat flow of goods, f. Is required for financial reporting when used for income taxes. 9. Results in liquidation profits when unit sales exceed purchases. h. Impairs comparability between companies. i. Emphasizes the balance sheet valuation of inventory. 1. Can be used with either periodic or perpetual inventory systems Step by Step Solution
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