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What is the actual purchase price of goods with constant

Disscussion

• What is the actual purchase price of goods?

• What is the difference between gross sales and net sales?

• With constant price changes in the economy, how does management assign a value to its inventory?

• Describe the three different inventory cost flow methods for perpetual inventories

• What does it mean to classify and determine inventory quantities?

• What is the LIFO reserve and how/why is it used?

• What is the difference between gross sales and net sales?

• Describe some of the income statement and balance sheet effects of inventory errors.

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