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Generally accepted accounting principles (GAAP) require that any company using LIFO must report the...

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Accounting

Generally accepted accounting principles (GAAP) require that any company using LIFO
must report the weighted average cost of the same inventory in the notes to its financial statements
must report the FIFO value of the same inventory in the notes to the financial statements
must use a perpetual inventory system
must change to FIFO if prices of inventory fall
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