Question: Evaluate thoroughly the three cost flow assumptions (Average Cost, FIFO & LIFO) Taking into consideration following factors: Cost of Goods Sold Gross Profit Income Tax

Evaluate thoroughly the three cost flow assumptions (Average Cost, FIFO & LIFO) Taking into consideration following factors: Cost of Goods Sold Gross Profit Income Tax Valuation of Ending Inventory Is it necessary that the physical movement of merchandise must correspond to the cost flow assumptions?

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