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1) LIFO is preferred when costs are rising and managers have incentives to report higher income for reasons such as bonus plans, job security, and
1) LIFO is preferred when costs are rising and managers have incentives to report higher income for reasons such as bonus plans, job security, and reputation.
True
False
QUESTION 4) The LIFO inventory method assumes that costs for the most recently purchased items are the first to be charged to the cost of goods sold.
True
False
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