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3) If Merrimack Tractors and Mowers were to adopt FIFO as of January 1, 2008, how would this affect the financial statements (Balance Sheets, Income

3) If Merrimack Tractors and Mowers were to adopt FIFO as of January 1, 2008, how would this affect the financial statements (Balance Sheets, Income Statement, and Cash Flow)? You may assume the 10,000 per quarter of unit sales for 2008.

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