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What controls should be in place to consistent application

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Reference no: EM132156284

Question - When a company owns inventory, the company has to decide how to consistently value the inventory sold and on hand. These valuation methods are based on the systematic cash flow of adding and removing inventory. Each method has its advantages and disadvantages. When selecting an inventory method, management should select the method that best reflects their operations. Once an inventory valuation method is selected, it must be applied consistently from year to year. What controls should be in place to ensure consistent application?

Reference no: EM132156284

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