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Under FIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold. Under LIFO, net income exists
Under FIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold. Under LIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold, provided new units are acquired before the end of the accounting period.
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