The new ASU 2015 – 11 required companies with fiscal years beginning after 2016 to apply the _____________ method if they used an inventory method other than these two methods: ______ and _____.

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The new ASU 2015 – 11 required companies with fiscal years beginning after 2016 to apply the _____________ method if they used an inventory method other than these two methods: ______ and _____.

Answer:

– LCNRV (lower of cost or net realizable value) method
– LIFO & retail inventory method

We hope you have got the correct answer to your question “The new ASU 2015 – 11 required companies with fiscal years beginning after 2016 to apply the _____________ method if they used an inventory method other than these two methods: ______ and _____.”, which was part of Accounting MCQs & Answers. Thanks for choosing us.

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