The following information is taken from the annual report of the Walgreens Boots Alliance, Inc..: Walgreens uses

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The following information is taken from the annual report of the Walgreens Boots Alliance, Inc..:

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Walgreens uses LIFO to value its inventory. Restate the company’s financial results for 2015 assuming the use of the FIFO method. Assume an effective tax rate of 30 percent. Which method—FIFO or LIFO—should Walgreens use to report its financial results to its shareholders? Why?

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