117 what three difficulties does dollar value lifo overcome compared to applying sim 4313888

117 what three difficulties does dollar value lifo overcome compared to applying sim 4313888

117.What three difficulties does dollar-value LIFO overcome compared to applying simple LIFO?

118.What is the LIFO Valuation Allowance, also known as LIFO reserve?

119.There are many different methods available for costing inventory. Therefore, the decision on which method to select should involve some serious thought as to the consequences involved.
Required:

a.

Discuss the objectives of inventory costing in terms of accounting principles.

b.

Explain the consequences of the method selected.

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