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(LIFO Reserves) Respond to each of the following prompts: Name two reasons that a...

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Accounting

  1. (LIFO Reserves) Respond to each of the following prompts:
    1. Name two reasons that a company might adopt a LIFO inventory cost flow assumption.
    2. Describe the intent of the LIFO Conformity Rule.
    3. Describe the usefulness of the LIFO Reserve (also called LIFO Allowance) for those companies that use LIFO for external financial reporting but FIFO for internal purposes.

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