Explain the advantages of using a lifo inventory system

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What are the advantages of using a LIFO inventory system?

What are the disadvantages of using a LIFO inventory system?

In what circumstances would you make the case for using LIFO?

How do you feel about the IASB approach to LIFO compared to the FASB approach?

Which is more appropriate and why?

Reference no: EM13394639

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