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    Case against LIFO

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    Argue Against the Use of LIFO. See attached file for full problem description.

    © BrainMass Inc. brainmass.com March 4, 2021, 7:37 pm ad1c9bdddf
    https://brainmass.com/business/lifo/case-against-lifo-112834

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    If we use the LIFO method, our total cost of goods sold will be 4,760,000 (40,000*17+ 210,000*20). If however, we were to use the matching concept ...

    Solution Summary

    This solution talks about the drawbacks of LIFO Inventory accounting with an example.

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