• The first is when does the inventory become obsolete and how do you value the obsolete inventory? The second is how to value the inventory that is not obsolete?
• There are several methods, LIFO, FIFO, Weighted Average, Market, and Historical Cost. If you are in the retail/wholesale business, would you use the same method that you would use if you were in the manufacturing business?
• Why or why not and which method would you use?
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