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True or False 1. The average cost method generates gross profit, net income, and income tax amounts that fall between the extremes of FIFO and
True or False
1. The average cost method generates gross profit, net income, and income tax amounts that fall between the extremes of FIFO and LIFO.
2. The objective of inventory tracking is to allocate the cost of goods available for sale between the cost of units sold and the cost of unsold inventory.
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