Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2016, the following information was obtained from the inventory records:

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The Answer of Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2016, the following information was obtained from the inventory records:

Cabinets for Less Uses FIFO for Internal Reporting Purposes and LIFO