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Summary

In this chapter, you have learned about four methods of valuing inventory and how to implement them using Excel. Their effects on both the income statement (via the gross profit calculation) and on the balance sheet (via the amount of company assets in ending inventory) were discussed. You have seen how user-defined functions, such as LIFO and FIFO, can automate worksheet tasks in general. And you have learned how to use different sorts of turns ratios to evaluate how well a company manages its assets.

The next chapter turns from a focus on a company's assets to a focus on its liabilities.


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