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thomas3333 thomas3333
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6 years ago
A company using LIFO for tax purposes ________.
A) can use either LIFO or FIFO for financial reporting
B) must use LIFO for financial reporting
C) will have more taxes to pay with LIFO than FIFO in a period of rising inventory costs and stable inventory levels
D) will report higher net income with LIFO than FIFO in a period of rising inventory costs and stable inventory levels
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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wrote...
6 years ago
 B
thomas3333 Author
wrote...
6 years ago
Ready for finals now Monkey
wrote...
6 years ago
Good luck my friend!
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