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7. In a period of decreasing prices, the inventory reported in Lee Ltd's statement of ?nancial position isclose to the current cost of the inventory,

image text in transcribed 7. In a period of decreasing prices, the inventory reported in Lee Ltd's statement of ?nancial position isclose to the current cost of the inventory, whereas Lam Ltd's inventory is considerably above its currentcost. Identify the inventory cost ?ow method used by each entity

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