YU Process for Changing Inventory Method from Fifo to Lifo Discussion

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YU Process for Changing Inventory Method from Fifo to Lifo Discussion

Business Finance, Yale University

YU Process for Changing Inventory Method from Fifo to Lifo Discussion

Description

Instructions: Please provide answer and explanation to the following questions.

Discussion Questions:

1. Discuss the process a company must take to change its inventory valuation method from FIFO to LIFO.

2. Why is the statement of cash flows an important report for management decisions, and what are some of the challenges in the preparation of the report?

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