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Q11: A method of valuing inventory best used when the prices change from purchase to...

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Question

Accounting

Q11: A method of valuing inventory best used when the prices change from purchase to purchase and consistency is needed is:

LIFO

Specific Identification

Weighted Average

FIFO

Q12: Where the correct accounts are used but each item is shown on the wrong side of the account is an error:

Error of Omission

Compensating errors

Error of Commission

Complete reversal of entries

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