The following information was taken from the footnotes in the 2019 annual report of Johnson & Johnson:
Question:
The following information was taken from the footnotes in the 2019 annual report of Johnson & Johnson:
a. From information in the footnote alone, indicate whether Johnson & Johnson is a retailer, manufacturer, or service firm. Explain.
b. From information in the footnote alone, indicate whether Johnson & Johnson uses the LIFO or FIFO inventory cost flow assumption. Explain.
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