When comparing a us company that uses the last in first out, Ask an Expert

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When comparing a US company that uses the last in, first out (LIFO) method of inventory with companies that prepare their financial statements under international financial reporting standards (IFRS), analysts should be aware that according to IFRS, the LIFO method of inventory:
A. is never acceptable.
B. is always acceptable.
C. is acceptable when applied to finished goods inventory only.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91769391

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