Question: Traditional inventory methods include FIFO, LIFO, Average Cost and Specific Identification. List and describe 2 additional methods that are sometimes used to value inventory. What

Traditional inventory methods include FIFO, LIFO, Average Cost and Specific Identification.

List and describe 2 additional methods that are sometimes used to value inventory.

What types of companies generally use these additional methods? Under what circumstances are these additional methods acceptable?

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