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What are the common disclosures required for inventory? What does designated market value mean under U.S. GAAP in the LCM method? Describe what LIFO reserve

  • What are the common disclosures required for inventory?
  • What does designated market value mean under U.S. GAAP in the LCM method?
  • Describe what LIFO reserve means
  • identify costs as product (inventoriable) or period costs?
    • Interest?
    • Manufacturing overhead?
    • Advertising
    • Selling commissions

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