In a recent annual report, Procter & Gamble reports that product-related inventories are primarily maintained on the

Question:

In a recent annual report, Procter & Gamble reports that product-related inventories are primarily maintained on the FIFO method. Minor amounts of product inventories, including certain cosmetics, are maintained on the LIFO method. The spare parts inventories are maintained on the average-cost method.
Does the company's use of more than one inventory method violate the accounting principle of consistency? Defend your answer.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-1259692406

18th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

Question Posted: