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October 8, 2022

Principles of Accounting 1 Purchase order

Principles of Accounting 1

Purchase order

Physical inventory

Receiving report

Subsidiary inventory ledger

Question 2First in, first out (FIFO)

Last in, first out (LIFO)

A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.

Weighted average inventory

Specific identification inventory cost flow method

Question 3

Lower-of-cost-or-market (LCM) method

Net realizable value

Consigned inventory

Consignor

Consignee

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