A firm that has been on lifo for many years may have some inventory costs that go back ten years or more.

Name: A firm that has been on lifo for many years may have some inventory costs that go back ten years or more.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is true as LIFO (Last In, First Out) method of inventory valuation assumes that the most recent items purchased or produced are sold first, and therefore the inventory costs that remain on the balance sheet could date back many years.

A Firm That Has Been on Lifo for Many Years