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.

---

Definitions:

Corporate Social Responsibility

A company's commitment to managing the social, environmental, and economic effects of its operations responsibly and in line with public expectations.

Strategies

Carefully designed plans or methods aimed at achieving specific goals or objectives, often within business, military, or personal contexts.

Communication Channels

Mediums through which information is transmitted from one entity to another, including verbal, non-verbal, and digital platforms.

Global CSR RepTrak® 100 Report

An annual survey that ranks companies based on the public's perception of their corporate social responsibility efforts.