1. Stevenson Inc. improperly recorded revenue by recording it too early. What affect (if any)...
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Accounting
1. Stevenson Inc. improperly recorded revenue by recording it too early. What affect (if any) would this error have on current periods income and future income, assuming earnings are not restated?
2. In periods of rising costs and prices, would using LIFO inventory generally result in higher or lower reported profits relative to FIFO? Is this always true? If not, explain when it would not be true?
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