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Whyis FIFO considered a balance sheet approach and LIFO is consideredan income statement approach?...Whyis...

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Accounting

Whyis FIFO considered a balance sheet approach and LIFO is consideredan income statement approach? Please make your explanation as clearas possible thanks.

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In: AccountingWhyis FIFO considered a balance sheet approach and LIFO is consideredan income statement approach?...Whyis FIFO considered a balance sheet approach and LIFO is consideredan income statement approach? Please make your explanation as clearas possible thanks.

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