Pee Tee Limited so far has been following the LastinFirstOut (LIFO) method for valuation of inventory. The
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Pee Tee Limited so far has been following the LastinFirstOut (LIFO) method for valuation of inventory. The management would like to change the method of valuation of inventory and adopt FirstInFirstOut (FIFO) as this better represent the flow of inventory. Is it possible to change the method of valuation of inventory? If yes what are the requirements?
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Yes it is possible for Pee Tee Limited to change the method of valuation of inventory from LastinFirstOut LIFO to FirstInFirstOut FIFO as long as cert...View the full answer
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Muhammad Umair
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