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Why lifo method is not allowed in canada

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Reference no: EM132927926

Problem A. The only cost that can be included in an inventory valuation is purchase cost of the products. Comment.

Problem B. Why LIFO method is not allowed in Canada? Which countries are still using LIFO and why?

Problem C. Comment on the validity of the following statements: "As an asset loses its ability to provide services, cash needs to be set aside to replace it. Depreciation accomplishes this goal."

Reference no: EM132927926

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