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Which of the following statements about inventory accounting is least accurate? A. If a U.S. firm uses last in, first out (LIFO) for tax reporting it must use LIFO for financial reporting. B. During periods of rising prices, last in, first out (LIFO) income will be lower than under first in, first out (FIFO) but cash flows will be higher. C. During periods of rising prices, first in, first out (FIFO) based current ratios will be smaller than last in, first out (LIFO) based current ratios. |