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A firm operates in regions with high inflation. It uses LIFO, but does not typically sell the most recent inventory. Which of the following is

A firm operates in regions with high inflation. It uses LIFO, but does not typically sell the most recent inventory. Which of the following is true: (Select all that apply)

1. Cost of Goods Sold is over-stated

2. Sales is correctly stated

3. Net Income is under-stated

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