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Different Accounting Methods Described

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Can someone please help me compare and contrast the different inventory methods. If possible include a discussion of FIFO, LIFO, specific identification, retail inventory, lower-of-cost-or-market and net realizable methods. Provide examples of companies that choose LIFO/FIFO as the better approach and explain why.
Thank you!

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There are numerous accounting methods used throughout the United States and abroad. While there has been some communication as well as consolidation if words, theories and rules, it is still not unified around the globe. The European Economic Community and others follow one standard methodology, the US another and other countries yet another. Fifo refers to taxing things based on a first in first out approach. So, if ...

Solution Summary

An expert accurately describes and compares Lifo, Fifo, Realized Net Asset Method, Retail method as well as Lower of cost or market method. Also, a Lifo/Fifo type of company is presented and discussed. 284 words.

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