Indicate how a company can manipulate its net income if it uses LIFO. Is the same opportunity…

What entries are necessary under perpetual inventory procedure when goods are sold?

Why is there closer control over inventory under perpetual inventory procedure than

under periodic inventory procedure?

Why is perpetual inventory procedure being used increasingly in business?

What is the cost flow assumption? What is meant by the physical flow of goods? Does a

relationship between cost flows and the physical flow of goods exist, or should such a

relationship exist?

Indicate how a company can manipulate its net income if it uses LIFO. Is the same opportunity available under FIFO? Why or why not?

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