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Difference between lifo and non-lifo inventory values

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Reference no: EM131713231

Question: Refer to the IRS's ATG "Auto Dealership," and answer these questions. 83.7% 16.3%

a. All other expenses 3.4% Profit before taxes 0.61%

b. What is the difference between LIFO and non-LIFO inventory values called? What does it represent? What is a simple way to obtain a "ball park" estimate of a company's LIFO reserve? What are some tentative conclusions? You may wish to refer to the IRS's ATG on Gas Retailers.

Reference no: EM131713231

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