The choice of an inventory costing method has no significant impact on the company's income statement and balance sheet.

Question

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The choice of an inventory costing method can have a significant impact on the company's income statement and balance sheet. Different methods such as first-in, first-out (FIFO), last-in, first-out (LIFO), and average cost can result in different values for inventory, cost of goods sold, and gross profit, which in turn affect the company's financial statements. Therefore, careful consideration and analysis should be done when choosing an inventory costing method.

The Choice of an Inventory Costing Method Has No Significant