Let's assume we are in normal periods that have modest inflation rather than deflation like...
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Accounting
Let's assume we are in normal periods that have modest inflation rather than deflation like now (note that a prolonged period of deflation is the definition of a depression). Wouldn't LIFO result in a more conservative balance sheet as inventory would be carried at a lower asset value? Isn't conservatism one of the core principles of GAAP?
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