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The following statement is TRUE / FALSE (circle one). Under current U.S. GAAP, when a firm using LIFO has a decrease in the quantity of

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The following statement is TRUE / FALSE (circle one). Under current U.S. GAAP, when a firm using LIFO has a decrease in the quantity of their Inventory during the first quarter of their fiscal year, but plans on replenishing their inventory later in the year, the price at which they expect to replenish their inventory later in the year may be used to calculate Cost of Goods Sold for the 1st quarter

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