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Can a Base Period be established on a partial-year inventory?

April 26, 2017base Inventory partial-year period

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Can a Base Period be established on a partial-year inventory?

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The Base Period must include at least one full year of data, and may be up to four years in length. Additionally, if an entity were to employ a multi-year Base Period, each year included in the Base Period would be based on a full year of data.