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The FIFO cost flow assumption makes most sense because it follows the actual physical flow of inventory (presumably oldest units are sold first). However, many
The FIFO cost flow assumption makes most sense because it follows the actual physical flow of inventory (presumably oldest units are sold first). However, many merchandising businesses use the LIFO method, especially for tax purposes. Why is LIFO such a hot issue? Discuss the advantages and disadvantages of using the LIFO method. (200 words plz, thank you)
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