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What are The difference between FIFO and LIFO

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Reference no: EM132469060

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.

Question 1: What are The difference between first-in first-out and last-in first-out has a material effect on the ending inventory balance.

Reference no: EM132469060

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