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Which of the following is true regarding the use of LIFO for inventory valuation?
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82.

Which of the following is true regarding the use of LIFO for inventory valuation?a.If LIFO is used for external financial reporting, then it must also be used for internal

reports.b.For purposes of external financial reporting, LIFO may not be used with the lower ofcost or market approach.c.If LIFO is used for external financial reporting, then it cannot be used for tax purposes.d.None of these answers are correct.
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Subject: Accounting, Business

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