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QUESTION 1 (3 points) The Retail Inventory Method (RIM) allows us to use the LIFO, FIFO, Average Cost, or LCM assumptions for our calculations. What
QUESTION 1 (3 points) The Retail Inventory Method (RIM) allows us to use the LIFO, FIFO, Average Cost, or LCM assumptions for our calculations. What small adjustment do we have to make in the RIM process to switch between inventory assumptions? (A 21) Changing the cost to retail ratio used. Including shipping costs in the retail value calculation. Adding employee discounts when calculating net sales. Subtracting sales markdowns when calculating the ending value at retail
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