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Flashcards in Inventories Deck (3)
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1
Q

LIFO reserve

A

difference between inventory using LIFEO and any other cost method

credit balance

2
Q

periodic method disadvantage

A

COGS includes cost of inventory sold and inventory shortages

3
Q

permitted methods under IFRS

A

FIFO
moving average
specific identification (preferred)

(NOT LIFO)