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What are the differences between FIFO, LIFO, average cost, and specific identification? How do you know...

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Accounting

What are the differences between FIFO, LIFO, average cost, andspecific identification? How do you know which to choose? Can youmix and match or change whenever you want?

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Whenever stock is received by store department it is recordedin stores ledger as receipt and whenever stock is issued toproduction department it is also recorded in stores ledger asissueNow various methods are used to calculate the value of closinginventory such as FIFO    See Answer
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What are the differences between FIFO, LIFO, average cost, andspecific identification? How do you know which to choose? Can youmix and match or change whenever you want?

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