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Assume the prices are rising nowadays. Cost of inventory in your companys balance sheet is...

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Accounting

Assume the prices are rising nowadays. Cost of inventory in your companys balance sheet is close to its current costs. Your friends company reports inventory that is quite below its current costs.

a) Which method of inventory costing do you use? Which method does your friend use?

b) Whose company reports lower gross profit. Yours or your friends?

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