(Answered) Identify the differences between fifo lifo and the

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Identify the differences between F.I.F.O., L.I.F.O., and the average-cost method of inventory valuation and what are the effects of each method on cost of goods sold and net income. Also discuss the differences between the physical movement of goods and cost flow assumptions. Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions.

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