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Under the temporal method, the inventory and cost of goods sold (COGS) accounts are both nonmonetary accounts. Which of the following statements is least accurate regarding these accounts? A. The Inventory account is remeasured using the historical rate under both LIFO and FIFO. B. If the firm accounts for inventory using first in, first out (FIFO), then a more current rate will be applied to the inventory account. C. If the firm accounts for inventory using last in, first out (LIFO), then the beginning-of-period rate is used to remeasure COGS. |