Must a company use the inventory costing method that best...

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ACCG611 HOMEWORK WEEK 7, SEMESTER 2, 2012 CHAPTER 19 INVENTORIES DISCUSSION QUESTIONS SOLUTIONS 3. Must a company use the inventory costing method that best conforms to the actual physical movement of the goods? Explain.
9. If the ending inventory is understated because of an error, what is the effect on profit in that reporting year and in the next reporting year? What is the effect on the value of assets as reported in the statement of financial position at the end of each year?
Exercise 19.3

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