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Accounting questions (Inventory) 1) In a merchandising company, the inventory normally consists of Question...

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Question

Accounting

Accounting questions (Inventory)

1) In a merchandising company, the inventory normally consists of

Question options:

WIP (work in process)

Raw Material

Finished Goods

Inventory

2) Raw material costs change frequently for a company (costs rise and fall). Select the option that would make the book value of year-end inventory be the same regardless of using the perpetual or periodic inventory method.

Question options:

LIFO method

Weighted-average method

FIFO method

Average method

Answer & Explanation Solved by verified expert
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