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Indicate the single best response for how the Inventory Turnover Ratio (Cost of Goods Sold

Indicate the single best response for how the Inventory Turnover Ratio (Cost of Goods Sold/Inventory) as reported in the financial statements is affected by a company always using FIFO instead of always using LIFO to value its inventory. The possible choices are (1) substantially higher under FIFO, (2) substantially higher under LIFO, or (3) little to no difference between FIFO and LIFO. 

Dec 04 2019 View more View Less

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