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We learned the differences between accounting for inventoryunder the FIFO, LIFO, and average costing...

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Accounting

We learned the differences between accounting for inventoryunder the FIFO, LIFO, and average costing methods. Additionally, weexplored how the income statement impact may differ under each ofthe three methods.

Pick a retail company and research which method the company usesto account for inventory. Note: Please select publicly tradedcompanies, as this will make the information easier to locate.

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The essential difference between weighted typical price accounting LIFO and FIFO approaches of accounting is the difference in which each system calculates inventory and rate of goods sold The weighted ordinary cost process makes use of the ordinary of the costs of the items to assign fees In other words weighted typical makes use of the components whole rate of items in inventory to be had on the market divided by way of total quantity of units available for sale In contrast FIFO first in first out accounting implies that the bills assigned to goods are the bills for the primary goods purchased In different words the corporation assumes that the first items bought are the oldest or the primary goods purchased However LIFO final in first out assumes that the    See Answer
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In: AccountingWe learned the differences between accounting for inventoryunder the FIFO, LIFO, and average costing methods....We learned the differences between accounting for inventoryunder the FIFO, LIFO, and average costing methods. Additionally, weexplored how the income statement impact may differ under each ofthe three methods.Pick a retail company and research which method the company usesto account for inventory. Note: Please select publicly tradedcompanies, as this will make the information easier to locate.

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