The choice of cost flow assumption (FIFO, LIFO, or average) does not depend on the actual physical flow of the product.
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Q6: Cost of goods on consignment is included
Q7: The gross profit ratio is calculated by
Q8: In a perpetual inventory system, which of
Q9: A company that prepares its financial statements
Q10: LIFO periodic and LIFO perpetual always produce
Q12: Shipping charges on outgoing goods are included
Q13: In a perpetual inventory system, the cost
Q14: Net purchases are reduced for discounts taken
Q15: Unit LIFO is more costly to implement
Q16: Dollar-value LIFO eliminates the risk of LIFO
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