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A company can use LIFO for tax purposes and FIFO for external reporting purposes. True False The cost flow method adopted (e.g., FIFO, average cost,
A company can use LIFO for tax purposes and FIFO for external reporting purposes.
True | ||
False |
The cost flow method adopted (e.g., FIFO, average cost, etc.) does NOT need to match the physical flow of inventory.
True | ||
False |
If a company uses LIFO, it will record inventory at the lower of cost or market.
True | ||
False |
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