Dollar-Value LIFO Advantages of dollar-value LIFO include: I. It eliminates the necessity for detailed record-keeping of the flow of physical quantities and unit costs. II. It eliminates the effects of fluctuations in similar inventory items that may cause liquidations. III. It uses a new pool for each new inventory item which reduces or eliminates liquidations. Oa. I, II, and III. b. II and III only. c. I and II only. Od. I and III only. Property, Plant, and Equipment Which of the following characteristics are necessary for a company to include an asset in the category of property, plant, and equipment? The asset: I. Has an expected life of more than 5 years II. Is held for use in operations III. Has physical substance Oa. I, II, and III Ob. I and III only. Oc. II and III only Od. I and II only