Question: The selected inventory costing method impacts: Multiple Choice Gross profit and net income. Sales. The physical flow of goods. The shipping terms to the buyer.

The selected inventory costing method impacts:
Multiple Choice
Gross profit and net income.
Sales.
The physical flow of goods.
The shipping terms to the buyer.
The quantity of inventory items on hand.
Multiple Choice
Is only applicable to companies using LIFO.
Is only applicable to companies using FIFO.
Can be applied to each individual item, major categories of items, or the whole inventory.
Records only an increase in inventory value.
Reports all inventory items at full cost.

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