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  3. a lifo reserve represents the amount by which cost

A LIFO reserve represents the amount by which cost of goods sold on a FIFO...

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Accounting

A LIFO reserve represents the amount by which cost of goods sold on a FIFO basis exceeds the cost of goods sold on a LIFO basis for the current year.
True
False
The weighted average cost per unit must be continually updated under the perpetual inventory system.
True
False
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