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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

With the convergence of U.S. GAAP and IFRS standards moving forward, there is the possibility of the elimination of the LIFO inventory valuation method. If this happens, what will be the impact on manufacturing operations?

Summary Introduction

To determine: The impact of eliminating LIFO on manufacturing operations.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Explanation

Determine the impact of eliminating LIFO on manufacturing operations:

LIFP (Last In, First Out) is the costing method which is not related to the physical flow of inventory. However, it is related to the cost flow...

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