For the following questions, circle the best response.
LIFO
a. is the only method of inventory costing that is allowed for tax purposes.
b. assigns the highest dollar amount to ending inventory when prices are rising.
c. is used in inflationary times to improve net income.
d. is required for financial reporting purposes for firms that use it for tax purposes.
e. presents the best approximation of the underlying value of inventory on the balance sheet.
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