If Two Companies Each Use Different Inventory Accounting Methods,the Companies

question 78

Multiple Choice

If two companies each use different inventory accounting methods,the companies can be made comparable from information reported in the financial statements by

• A)converting the FIFO Reserve to a LIFO inventory.
• B)converting inventory at cost to inventory at lower of cost or market (net realizable value).
• C)converting cost of goods sold to lower of cost or market (net realizable value).
• D)converting inventory on a LIFO basis to a FIFO basis using the LIFO Reserve.

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