INVENTORY, ACCOUNTING

1.

Compare  and contrast the different inventory cost flow assumptions. Explain the  consequences that result from the use of alternative inventory cost  flow assumptions.

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2. Based  on the information contained in Case C7-6: Interpretation of GAAP and  Ethical Issues, could a LIFO liquidation profit create ethical issues?   Defend your position.

CASE C7-6

 

Robin  Smith is considering buying shares in Mah Company. The company has  reported an increase in net income this year. On careful reading of the  notes to the financial statements, Robin learns that the company had a  LIFO liquidation this year. Robin understands what caused the  liquidation but has asked you for advice about how to interpret it.