Solution-What difference between FIFO and LIFO of inventory

What difference between FIFO and LIFO of inventory valuation

Reference no: EM132447826

Prior to beginning work on this discussion forum, read Merchandising Operations and the Multiple-Step Income Statement and Reporting and Analyzing Inventory

In your initial post,

Question 1: Identify the differences between F.I.F.O., L.I.F.O., and the average-cost method of inventory valuation.

Be sure to include the effects of each method on cost of goods sold and net income in your answer.

Question 2: Discuss the differences between the physical movement of goods and cost flow assumptions.

Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions.

Reference no: EM132447826

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What difference between FIFO and LIFO of inventory valuation

Reference no: EM132447826

Reference no: EM132447826

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