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Sam Co. sells a product whose cost (and sales price) has risen continually. This has produced increases in Sam Co.'s gross receipts and Sam Co.

Sam Co. sells a product whose cost (and sales price) has risen continually. This has produced increases in Sam Co.'s gross receipts and Sam Co. would like to use an inventory method that would minimize its tax liability. Would you recommend specific identification, FIFO, OR LIFO? Why?

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