Is the following comment below Last-in, First-out's own equivalent or version of the above comment?...
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Accounting
Is the following comment below Last-in, First-out's own equivalent or version of the above comment?
If the managers of a company price (or value) their inventories at the higher of cost or market because they calculate the price of their inventory using the last-in, first-out costing method. Is this comment correct in your opinion?
Inventories. We value our inventories at the lower of cost (computed on the first-in, first-out method) or market
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