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Explain the differences lifo and fifo

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Reference no: EM132971002

Various healthcare organizations and/or their departments deal with inventory and must account for it, including:

-All pharmacies (hospital-based, retail brick-and-mortar, or mail order)

-The hospital cafeteria    

-The hospital gift shop.

Questions

  1. Mention and explain the differences LIFO and FIFO.
  2. State and describe the interrelationship between depreciation expense and reserve for depreciation.

Reference no: EM132971002

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