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QUESTION

Week 4 Disscussion

  • What is the actual purchase price of goods?
  • What is the difference between gross sales and net sales?
  • With constant price changes in the economy, how does management assign a value to its inventory?
  • Describe the three different inventory cost flow methods for perpetual inventories
  •  What does it mean to classify and determine inventory quantities?
  • What is the LIFO reserve and how/why is it used?
  •  What is the difference between gross sales and net sales?
  • Describe some of the income statement and balance sheet effects of inventory errors.

Please make sure all responses are at least 100 words. Please put the question with the response 

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