The valuation of inventory follows a consistent application of FIFO, LIFO, or weighted average methods.
- The valuation of inventory follows a consistent application of FIFO, LIFO, or weighted average methods. Manufacturing, merchandising, and retail companies use different valuation methods based on the products they are selling. As the CPA conducting an audit:
- Select a current company that uses one of these methods.
- Explain why the method is appropriate.
- Explain the significant accounting policies and practices that will be used with the inventory valuation method.
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