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What method is commonly used for inventory valuation in partnership firms?

Practice Questions

1 question
Q1
What method is commonly used for inventory valuation in partnership firms?
  1. FIFO
  2. LIFO
  3. Weighted Average
  4. All of the above

Questions & Step-by-step Solutions

1 item
Q
Q: What method is commonly used for inventory valuation in partnership firms?
Solution: Partnership firms can use FIFO, LIFO, or Weighted Average methods for inventory valuation, depending on their accounting policy.
Steps: 0

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