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When a Firm Uses the Lifo Inventory Cost Flow Assumption

a Pe_Joy.Chan.113 April 15, 2022
When a Firm Uses the Lifo Inventory Cost Flow Assumption

In the preceding example the May 24 unit would be assumed to have been sold. If Monnisto had used the LIFO cost flow assumption in the same year its cost of goods sold would have been 44210 more than under FIFO and its average assets would have been…

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