Question: 5. The chapter discussed four inventory costing methods. List the four methods and briefly explain each. 6. Explain how income can be manipulated when the

5. The chapter discussed four inventory costing methods. List the four

5. The chapter discussed four inventory costing methods. List the four methods and briefly explain each. 6. Explain how income can be manipulated when the specific identification inventory costing method is used 7. Contrast the effects of LIFO versus FIFO on reported assets (i.e., the ending inventory) when (a) prices are rising and (b) prices are falling

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