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Current Attempt in Progress Prepare comparative condensed income statements for 2022 under FIFO and LIFO. Answer the following questions for management. (1) Which inventory cost
Current Attempt in Progress Prepare comparative condensed income statements for 2022 under FIFO and LIFO. Answer the following questions for management. (1) Which inventory cost flow method produces the inventory amount that most closely approximates the amount that would have to be paid to replace the inventory? (2) Which inventory cost flow method produces the net income amount that is a more likely indicator of next period's net income? (3) Which inventory cost flow method is most likely to approximate the actual physical flow of the goods? (4) How much more cash will be available under LIFO than under FIFO? $ (5) How much of the gross profit under FIFO is illusory in comparison with the gross profit under LIFO? $
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