Log in to the FASB Codification , answer the question below Your audit client,...
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Log in to the FASB Codification , answer the question below
Your audit client, a furniture manufacturer, has not experienced any changes in manufacturing costs but wants to include the increase the value of its finished goods inventory in anticipation of higher freight costs to deliver the goods to its customers (it typically sells its good FOB destination). Is this permissible under U.S. GAAP? Quote the relevant language from the Codification in explaining your answer and include the relevant Codification references in XXX-YY-ZZ-** format.
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