ACC545 ACC/545 Week 3 Learning Team - 19381

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Respond to Learning Team Discussion Question #1

What are the advantages of using a LIFO inventory system?

What are the disadvantages of using a LIFO inventory system?

In what circumstances would you make the case for using LIFO?

How do you feel about the IASB approach to LIFO compared to the FASB approach? 

Which is more appropriate and why?

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What are the advantages of using a LIFO inventory system?

According to Kieso, Weygandt, and Warfield (2007), Last-In First-Out (LIFO) inventory method assumes that the most recent items purchased or manufactured are the

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