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Describe to management the inventory profits

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Intermediate Accounting Discussion Question

• Imagine that the management at your company is considering a switch from first-in, first-out (FIFO) to LIFO. Briefly explain to management the inventory profits and the conditions that must exist in order to make such a switch to the LIFO feasible. Also, suggest key reasons why the company should not switch to LIFO. Explain the rationale for your suggestions.

Reference no: EM131560845

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