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Your client Beast Ltd is a company engaged in wholesaling goods. Beast Ltd uses last-in first-out in respect of valuation of ending inventories, which is
Your client Beast Ltd is a company engaged in wholesaling goods. Beast Ltd uses last-in first-out in respect of valuation of ending inventories, which is one of the most significant balance sheet accounts for this company. The difference between first-in first-out and last-in first-out has a material effect on the ending inventory balance.
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