What are the benefits and shortcomings of using the LIFO method?
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What are the benefits and shortcomings of using the LIFO method?
http://www.epcc.edu/Faculty/ninog/Ac...pter8part2.doc
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LIFO would more accurately reflect the current replacement costs, but it would devalue the original investment cost. This method is better if you are the end consumer of the inventory, and need to keep track of how much it will cost to maintain supplies.
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