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Question: 1. What cost flow assumption may be used under the lower-of-cost-or-market basis of accounting for inventories?
2. Why is it inappropriate for a company to include freight-out expense in the Cost of Goods Sold account?
3. Tilton Company's balance sheet shows Inventory $162,800. What additional disclosures should be made?
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The role of management accounting Consider the descriptions of management accounting provided in Exhibit 1-3 and in the remainder of the chapter.
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