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FIFO Used Internally, LIFO Used Externally Instructions Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and income tax purposes. At

FIFO Used Internally, LIFO Used Externally
Instructions
Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and income tax purposes. At the end of Year 2, the following information was obtained from the inventory records:
\table[[,Year 1,Year 2],[Ending inventory, FIFO,$100,000,$140,000
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