2. It is said that the LIFO method assumes that the goods purchased last are sold first....

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2. It is said that the LIFO method assumes that the goods purchased last are sold first. If this is so, the assumption is clearly unrealistic because companies ordinarily sell their oldest merchandise first. Can a method based on such an unrealistic assumption be supported, other than as a tax gimmick?

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Financial Accounting An International Approach

ISBN: 9780273693192

1st Edition

Authors: Prof Jagdish Kothari, Elisabetta Barone, Barone Kothari

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