167. How do Merchandising and Manufacturing firms report product costs and changes in Inventory? 168. Compare and contrast the effect on net income, cost of goods sold, and inventory of the FIFO,...

167. How do Merchandising and Manufacturing firms report product costs and changes in Inventory?

168. Compare and contrast the effect on net income, cost of goods sold, and inventory of the FIFO, LIFO, and weighted-average cost flow assumptions.