The inventory cost flow method a company chooses affects both the income statement and the balance sheet.

Name: The inventory cost flow method a company chooses affects both the income statement and the balance sheet.
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Question

Quizplus · Accepted Answer

The inventory cost flow method affects the cost of goods sold, gross profit, and net income reported on the income statement, as well as the value of inventory reported on the balance sheet. Therefore, the answer is true.

The Inventory Cost Flow Method a Company Chooses Affects Both