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Business, 22.06.2021 01:00 mettababeeeee

Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $219,017 and average assets of $1,413,720. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $36,220 more than under FIFO, and its average assets would have been $31,640 less than under FIFO. Required:
Calculate the firm's ROI under each cost flow assumption (FIFO and LIFO).

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Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, th...
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