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When the Income Effect of a LIFO Liquidation Is Material,the

Question 85

Multiple Choice

When the income effect of a LIFO liquidation is material,the SEC requires that the 10-K report disclose


A) the dollar impact of LIFO liquidation on both a before- and after-tax basis.
B) the dollar impact of LIFO liquidation on the year-end inventory balance.
C) this fact following a prescribed format.
D) the dollar impact of LIFO liquidation on net income.

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