The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the

Question:

The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, is available at the company’s website.

Instructions

Using the notes to the company’s financial statements, answer the following questions.

a. What cost flow assumption does the company use to value inventory?

b. What amount of goods purchased for retail and finished products did the company report at December 31, 2016?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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