Contrast the effects of lifo versus fifo on ending, Accounting Basics

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Contrast the effects of lifo versus fifo on ending

Question: 1. Where possible, the inventory costing method should mimic actual product flows. Do you agree? Explain.

2. Contrast the effects of LIFO versus FIFO on ending inventory when (a) costs are rising and (b) costs are falling.

3. Contrast the income statement effect of LIFO versus FIFO (on cost of goods sold and gross profit) when (a) costs are rising and (b) costs are falling.

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Accounting Basics: Contrast the effects of lifo versus fifo on ending

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Accounting Basics: Contrast the effects of lifo versus fifo on ending

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