What are the implications of decreasing costs

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Q1. What considerations are there in choosing a method of inventory valuation?

Q2. Why does the Canada Customs and Revenue Agency not allow companies to use LIFO when calculating Net Income for income tax purposes?

Q3. What would happen to the income statement if the amount of ending inventory was incorrectly counted?

Q4. The above examples were all under the assumption that the cost of inventory is rising. What are the implications of decreasing costs?

Reference no: EM132578121

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