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Suppose a business sells goods to the public. What accounting method must it use? (a) What is the impact on taxable income of the inventory

Suppose a business sells goods to the public. What accounting method must it use?

(a) What is the impact on taxable income of the inventory uniform capitalization rules?

(b) What are the three typical inventory methods?

(c) If prices are rising, what is the impact of using LIFO?

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