Suppose you are the controller of a manufacturing company that currently used the FIFO method...
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Accounting
Suppose you are the controller of a manufacturing company that currently used the FIFO method of accounting for inventory. Also, suppose the economy is currently experiencing a period of high inflation. Although profits are higher this year than last year, you realize that the cost to replace inventory is also higher. You are considering changing accounting methods from FIFO to LIFO. What factors should you consider before making a change?
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