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Describe the difference between perpetual and periodic inventor

This is a simple Question and answer

– Distinguish between the single step income statements versus the multiple step income statement

-Describe the difference between perpetual and periodic inventory.

-Share some examples of when a company might want to use lower of cost or market in valuing the inventory.

– What are the three different inventory cost flow assumptions commonly used in commerce and allowed by generally accepted accounting principles?

– How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?

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