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QUESTION 12 Which of the following statements are true? Statement 1: IFRS only permits FIFO and weighted average cost. Statement 2: U.S. GAAP, meanwhile, permits
QUESTION 12
- Which of the following statements are true?
Statement 1: IFRS only permits FIFO and weighted average cost.
Statement 2: U.S. GAAP, meanwhile, permits FIFO, LIFO, and weighted average costing methods.
| a. | Both of the statements |
| b. | Statement 1 |
| c. | Statement 2 |
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