Unformatted text preview: have an easier time comparing its results to those of other companies that might not use the same methods. 2.) The company might use the two methods to account for the phantom profit that would be included if just using FIFO, and avoid understating the ending inventory in LIFO. 3.) a) C of GS/avg. Invent. = 1528131/(287063 +232,877/2) = 6.1 days in invent. = 365/6.1 = 59.8 days...
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- Winter '08
- Sales, FIFO and LIFO accounting, weighted avg. unit, goods avail.