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4 What is a LIFO reserve? What information can we learn from the LIFO reserve and from the change in the reserve during the year?

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4 What is a LIFO reserve? What information can we learn from the LIFO reserve and from the change in the reserve during the year? 5 Explain the concept of lower of cost or market. What benefit does the LCM rule create for financial statement users 6 Identify the three typical categories of restructuring costs and their effects on the balance sheet and the income statement

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