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The Kelly Company uses FIFO. It has experienced rising costs for the last 5 years and expects that trend to continue. The King Company increased the number of LIFO pools it uses to account for its...

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The Kelly Company uses FIFO. It has experienced rising costs for the last 5 years and expects that trend to continue. The King Company increased the number of LIFO pools it uses to account for its inventory.

Required
1. Explain why you think each company follows its policy.
2. Does either practice create ethical issues?

Answered Same Day Dec 31, 2021

Solution

Robert answered on Dec 31 2021
128 Votes
The Kelly Company uses FIFO. It has experienced rising costs for the
last 5 years and expects that trend to continue. The King Company
increased the number of LIFO pools it uses to account for its
inventory.
Required
1. Explain why you think each company follows its policy.
In most of the companies the FIFO...
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