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A company accounts for Inventories on a FIFO basis. Compared to LIFO, is FIFO a...

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Accounting

A company accounts for Inventories on a FIFO basis. Compared to LIFO, is FIFO a more balance-sheet oriented approach to accounting for inventory, or is it a more income- statement approach? Explain. Generally, is FIFO or LIFO more susceptible to earnings management manipulation? Explain.

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