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Why are inventories very important for some industries

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Reference no: EM132662206

Problem 1: Why are inventories very important for some industries, but not others? Give examples to show your understanding.

Problem 2: Illustrate with examples the inventory assumptions, such as LIFO and FIFI. Show their effects on the cost of goods sold, net income, and taxes.

Problem 3: Does a company really need account payable? Why or why not? (Link your answers of payables to inventory.)

Problem 4: Why do we need depreciation? What effects do different depreciation methods have on expenses and assets?

Problem 5: What is impairment loss? Show your understanding with numerical examples.

Reference no: EM132662206

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