HADM_121_Chapter7_Final - LIFO pretax income was lower...

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[Type the document title] October 3, 2007 E7-2 E7-6 E7-7 2.FIFO’s pretax income is higher because it took the inventory that was first in and therefore was less expensive.
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Unformatted text preview: LIFO pretax income was lower because it took the latest inventory prices which were higher. 3. LIFO is preferred for income tax methods....
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