A friend notes that when a company uses an accounting method such as LIFO, FIFO, or weighted-average,

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A friend notes that when a company uses an accounting method such as LIFO, FIFO, or weighted-average, it is merely estimating (guessing) about the amount of inventory on hand. Is this true?

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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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Question Posted: Jun 22, 2012 06:50 AM

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A friend notes that when a company uses an accounting method such as LIFO, FIFO, or weighted-average,

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It depends on what is meant by the amount of inventory If the issue is the quantity of inventory on ...View the full answer

Financial Accounting Information For Decisions

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