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FIFO and LIFO

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FIFO, weighted average, and LIFO methods are often used instead of specific identification for inventory valuation purposes.

Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation.

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FIFO, weighted average, and LIFO methods are often used instead of specific identification for inventory valuation purposes.

Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation.

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