Why is it adopted?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I am intrigued by the LIFO inventory valaution method. It seems irrational for all insrtnaces except maybe a coal pile. Why is it adopted?
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LIFO inventory method is that method in which inventories which are coming last in the stock are selling first. It means Last in First out.
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