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Question 1: E A. Items in transit sold f.o.b. shipping point. B. Purchases in transit...

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Accounting

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Question 1: E A. Items in transit sold f.o.b. shipping point. B. Purchases in transit f.o.b. destination C. Items in transit sold f.o.b. destination. D. None of these. nding inventory is equal to the cost of items on hand plus: Question 2: Dollar-value LIFO A. Starts with ending inventory measured at current costs and recreates LIFO layers for measuring inventory costs. B. Increases the recordkeeping costs of LIFO. C. Only is allowed for internal reporting purposes. D. None of these is correct

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