Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. companies have some flexibilty in the methodology

companies have some flexibilty in the methodology they choose to value inventory for...

90.2K

Verified Solution

Question

Accounting

companies have some flexibilty in the methodology they choose to value inventory for financial reporting purposes as well as tax purposes. The three acceptable methodologies are FIFO or first in, first out. The second is LIFO or last in, first out ad the third is weighted average costs of inventory. In economic periods of inflation such as the one we are currently experiencing in which their are rising costs and high taxes, which methodology do you believe companies will seek to implement. please provide justification for your response and use of examples to illustrate the reasons why.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

The following selected transactions were taken from the books ofRipley Company for Year 1:On...The...

Statistics
1.2K views

Describe how the mean, standard deviation, and standard error are used in estimating the number of...

Physics
1.2K views

R A disc of radius R and thickness 48 inertia about an axis passing through...

Basic Math
1.2K views

e the solution set in both interval and graph form 6 Select the correct choice...

Basic Math
1.2K views

Q6 Compute the complex limits 24 1 a lim z iz i b lim z...

Calculus
1.2K views

The graph of f x x x 1 and its tangent line at 1 3...

Calculus
1.2K views

If 1 x 1 y 1 and y 4 find y 4 by implicit differentiation

Algebra
1.2K views

f x f x if if x x Type the left piece of the function...

Accounting
1.2K views

Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a...

Accounting
1.2K views

Klean Fiber Company is the creator of Y-Go, a technology that weaves silver into its...

Accounting
1.2K views

Please identify and define six (6) types of real estate studies.

Finance
1.2K views

Clementine County's assets consist of a portfolio of long-term bonds with an average duration of...