The primary reason for the popularity of LIFO is that it gives:
A) Better matching of physical flow and cost flow.
B) A lower income tax obligation when inventory costs are rising.
C) Simplified recordkeeping.
D) A simpler method to apply.
Answer: B
A) Better matching of physical flow and cost flow.
B) A lower income tax obligation when inventory costs are rising.
C) Simplified recordkeeping.
D) A simpler method to apply.
Answer: B
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