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Wade Corporation has been you audit client for several years. At the beginning of the current year, the company changed its method of inventory evaluation from average cost to last in, first out (LIFO). The change, which had been under consideration for some time, was in your opinion a logical and proper step for the company to take. What effect, if any, will this situation have on your audit report for the current year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9984062

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