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Explain lifo and fifo inventory methods

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Review the last-in, first-out (LIFO) and first-in, first-out (FIFO) inventory methods discussed in Ch. 6, "Reporting and Analyzing Inventory" of Accounting.

1. Explain LIFO and FIFO inventory methods.

2. Provide 1 example of a business that uses LIFO and 1 example of a business that uses FIFO.

3. Explain why the businesses you identified might use a particular inventory method.

Reference no: EM133032262

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