Why is the statement of cash flows an important report

Reference no: EM133277429

Question - Process for Changing Inventory Method from Fifo to Lifo Discussion

Instructions - Please provide answer and explanation to the following questions.

Q1. Discuss the process a company must take to change its inventory valuation method from FIFO to LIFO.

Q2. Why is the statement of cash flows an important report for management decisions, and what are some of the challenges in the preparation of the report?

Reference no: EM133277429

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