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Unformatted text preview: physical counting of the inventory at the end of the year. I would try to do the physical count of inventory at least two times a year or every six months. By doing a physical count of the inventory will give you the actual inventory on hand. The company will would take Inventory Balance Before Adjustment Actual Inventory on Hand = Adjusting Entry to Inventory. 4. Net income is the highest under the FIFO. The way to pay the least amount of income tax it to use the LIFO. References Horngren, C. & Harrison W. (2007). Accounting (7 th ed) . Upper Saddle River, NJ: Pearson Prentice Hall....
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This note was uploaded on 01/05/2011 for the course ACC 205 taught by Professor Robertcarr during the Winter '10 term at Ashford University.
- Winter '10