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The LIFO reserve is an amount used to adjust inventory to the lower of cost or market. the difference between the value of the inventory

The LIFO reserve is

an amount used to adjust inventory to the lower of cost or market. the difference between the value of the inventory under LIFO and the value under FIFO. the amount used to adjust inventory to historical cost. the difference between the value of the inventory under LIFO and the value under average cost.

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