The LIFO method has an advantage over FIFO in that stocks...
The LIFO method has an advantage over FIFO in that stocks are valued at
Previous prices
Current prices
Average rates
Flat rates
Correct answer is B
LIFO is used by firms to lower their tax liabilities at the expense of an outdated inventory value as reflected on the balance sheet.
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\(\begin{array}{c|c} & 1/7/10 & 30/6/11 \\ & D & D \\ \hline \text{Stock} & 1,46...