Question: Various inventory methods including FIFO, LIFO, and average cost provide a process to identify raw materials, work-in-process, and finished goods. Discuss the benefits of using

Various inventory methods including FIFO, LIFO, and average cost provide a process to identify raw materials, work-in-process, and finished goods. Discuss the benefits of using one method verses the other and their effect on the income statement. Does a company decide, based on taxes, which method to use or are there other determinants that are more important in your opinion? Provide details explaining your opinion in your discussion.

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First inFirst outFIFO method Under FIFO the first costs inventoried are the first costs transferred to cost of goods sold Ending inventory includes th... View full answer

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