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Which of the following statements about the last-in, first-out (LIFO) assumption is true? Seleone: LIFO assumes that inventory on hand consists of the oldest units

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Which of the following statements about the last-in, first-out (LIFO) assumption is true? Seleone: LIFO assumes that inventory on hand consists of the oldest units BLI FO assumes that ending inventory and cost of goods sold are composed of a mixture of old and new units C.LIFO results in newer costs appearing in the balance sheet D.none of the above are true

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