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Chapter 8 explains two methods for reporting inventory using process costing: FIFO and weighted average. But what if a company wants to use LIFO to

Chapter 8 explains two methods for reporting inventory using process costing: FIFO and weighted average. But what if a company wants to use LIFO to report its inventory because of the significant tax benefit? How could dollar-value LIFO help them use FIFO for managerial purposes but LIFO for financial statement reporting?

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