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An analyst is evaluating the balance sheet of a US company that uses last in, first out (LIFO) accounting for inventory. Th e analyst collects the following data:

After adjusting the amounts to convert to the first in, first out (FIFO) method, inventory at 31 December 2006 would be closest to:

A. $600,000.

B. $620,000.

C. $670,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91769402

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