a) Explain the implications to U.S. Corporations if the FASB no longer permits the use of the LIFO Inventory valuation method under U.S. GAAP. Could you be clear in explaining?

b) Other than the tax savings, explain clearly one advantage of using the LIFO inventory method

during an inflationary period. OTHER THAN LOWER NET INCOME, explain clearly one disadvantage of using the LIFO method during an inflationary period.

Advantage:

Disadvantage:

C) What is the difference between an UNREALIZED gain/loss and a REALIZED gain/loss? Where in

the financial statement are UNREALIZED gains/losses reported and where are REALIZED

gains/losses reported? Please be sure to answer all parts of this question clearly!!