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What are the different types of inventories? What is the difference in bookkeeping that takes place between the periodic and perpetual approaches? What are the

  • What are the different types of inventories?
  • What is the difference in bookkeeping that takes place between the periodic and perpetual approaches?
  • What are the complicating situations for determining which items should be counted as part of inventory?
  • What are the three primary cost flow assumptions, and how would management choose among them?
  • How do different cost flow assumptions impact what is reflected on the balance sheet and income statement?
  • Why do we need to discuss LIFO liquidations in the notes to F/S? What do they tell F/S readers?

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