Discussion of the advantages and disadvantages of alternative inventory flow assumptions are allowed in the U.S.. One exhibit shows that in year 2, a company using LIFO in Year 1 may report higher net income by switching to FIFO in the amount of higher taxes on income. Saving LIFO will save taxes, but will lead to a reduction of income. Rewritten version of the earlier notes. "Hide
by William J. Bruns, Jr., Sharon Bruns 3 pages. Publication Date: June 10, 2004. Prod. #: 104087-PDF-ENG
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