Accounting Discussion

timer Asked: May 2nd, 2014

Question description

150 to 200 words

·What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does your company, or a company
you are familiar with, determine what cost flow assumption it should use?

In a period of increasing prices, why would the company tax accountant prefer the last in, first out
method while the CEO would prefer first in, first out? Why is this important?

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