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Question: 1. What cost flow assumption may be used under the lower-of-cost-or-market basis of accounting for inventories?

2. Why is it inappropriate for a company to include freight-out expense in the Cost of Goods Sold account?

3. Tilton Company's balance sheet shows Inventory $162,800. What additional disclosures should be made?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92656383

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