Mathematics, 16.11.2019 02:31 paula1172
Accounting procedures allow a business to evaluate their inventory costs based on two methods: lifo (last in first out) or fifo (first in first out). a manufacturer evaluated its finished goods inventory (in $000s) for five products with the lifo and fifo methods. to analyze the difference, they computed (fifo β lifo) for each product. we would like to determine if the lifo method results in a lower cost of inventory than the fifo method.
product fifo (f) lifo (l)
1 225 221
2 119 100
3 100 113
4 212 200
5 248 245
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Accounting procedures allow a business to evaluate their inventory costs based on two methods: lifo...
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