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Discuss the effects on the income statement and balance sheet and tax effects of each of the inventory cost flow assumptionsFIFO, LIFO, and average-cost.(please make

  1. Discuss the effects on the income statement and balance sheet and tax effects of each of the inventory cost flow assumptionsFIFO, LIFO, and average-cost.(please make sure you include effects on income statement, balance sheet and the tax effects in answer)

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