Aug 10th, 2016
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Harvard University
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Name:Institution:Course:Date:Teaching Inventory AccountingThe determination of costs of inventory under the three approaches namely: first in firstout (FIFO), last in first out (LIFO) and the weighted average method (WAM) has been a thornyissue for accounting students as clearly pin pointed by the authors. However, the assertion madeby the authors on the problem makes it more difficult for the readers to comprehend thedifferences in the three cost accounting approaches (Greenberg 836). This article delves into theweaknesses of the aforementioned assertion.To begin with, the conventional definitions of First in First Out, Last in First out and theWeighted Average Cost requires that the stock of goods are to be with the seller and thus theassertion that the process of inventory is solely left out to the manufacturer/merchandiser doesnot hold waters. This is clearly evidenced

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