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Use of fifo instead of lifo for inventory costing

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Reference no: EM132420146

Problem: How does the choice of one of the following accounting methods over the other raises or lowers a company's net income during a period of continuing inflation.

(a) Use of FIFO instead of LIFO for inventory costing.

(b) Use of a 6-year life for machinery instead of a 9-year life.

(c) Use of straight-line depreciation instead of declining-balance depreciation.

Reference no: EM132420146

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