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The use of LIFO has been described as sacrificing the balance sheet in order to achieve an income statement in which gross profit is determined
- The use of LIFO has been described as sacrificing the balance sheet in order to achieve an income statement in which gross profit is determined by matching the current costs of replacing inventory against the current selling prices of the inventory. What is meant by that description?
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
3rd edition
132890542, 978-0132890540
