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Premier Corp.’s year-end last in, first out (LIFO) reserve was $2,500,000 in 2000 and $2,300,000 in 2001. Premier’s $200,000 decline in the LIFO reserve could be explained by each of the following EXCEPT: A. the LIFO reserve was being amortized. B. a LIFO liquidation occurred. C. declining inventory prices. |