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An oil company buys crude oil on the open market, transports and refines it, and sells petrol at a chain of filing stations.The price of

An oil company buys crude oil on the open market, transports and refines it, and sells petrol at a chain of filing stations.The price of crude oil fluctuates quite widely. What policy is the company likely to use for valuing its stock? Can you imagine managers manipulating stock holding costs to make themselves in the best light?

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