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08-06-2022
Business

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Which cost flow assumption must be used for financial reporting if it is also used for tax reporting?.

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cece3290 cece3290

21-06-2022

Answer:

LIFO

Explanation:

Recognize that three cost flow assumptions (FIFO, LIFO, and averaging) are particularly popular in the United States. Understand the meaning of the LIFO conformity rule and realize that use of LIFO in the U.S. largely stems from the presence of this tax rule.

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