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KAS Corp. is a U.S. company with a Japanese subsidiary. This subsidiary began operations on 1 January 20X0, when its equity was funded and assets

KAS Corp. is a U.S. company with a Japanese subsidiary. This subsidiary began operations on 1 January 20X0, when its equity was funded and assets were purchased. Inventory is accounted for using the LIFO method and was purchased monthly, as needed, throughout the year to maintain the original account balance purchased on January 1.

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