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Inventory methods for External Reporting Purposes

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Your office is on the 68th floor of your building. The CEOâ??s office is on the 77th floor. The two of you are waiting for an elevator one morning. The CEO states â??Our prices are rising and I want the lowest net income for tax purposes and the highest ending inventory for external reporting purposes. Which inventory method should we use?â? You have three minutes to respond to the CEO.

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