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What is the difference between fifo and lifo

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Reference no: EM132538790

Explain from your points and answer the questions

Question 1: What is the difference between perpetual system and periodic system as inventory system .

Question 2: Define the consistency principle and the related announcement in the same accounting standards .

Question 3: What is the difference between FIFO , LIFO and weighted average methods and its disadvantages.

Question 4: Why ending Inventory must be reported by lower of cost or Market LCM.

Reference no: EM132538790

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