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Short Answer Prepare the following journal entries. Dates and descriptions are not required. . Question 1 When would repair costs be capitalized? . Question 2

Short Answer

Prepare the following journal entries. Dates and descriptions are not required.

.

Question 1

When would repair costs be capitalized?

.

Question 2

What will be the result to inventory values, cost of goods sold, and net income if the LIFO method is used during times of inflation?

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