Why can LIFO not be used to compute profits under accounting standards? (a) It results in irrelevant

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Why can LIFO not be used to compute profits under accounting standards?

(a) It results in irrelevant and out-dated inventory values

(b) It would result in high profits, and the International Accounting Standards Board wants to discourage this

(c) It would mean that businesses would always have old inventory and the International Accounting Standards Board wants to discourage this

(d) It is a theoretical method, unrelated to actual prices

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Accounting And Finance For Business

ISBN: 9780273773948

1st Edition

Authors: Geoff Black, Mahmoud Al-Kilani

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Question Posted: Jul 02, 2024 09:01 AM

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Why can LIFO not be used to compute profits under accounting standards? (a) It results in irrelevant

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Accounting And Finance For Business

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