A firm that uses lifo accounting for inventory in times, Finance Basics

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A firm that uses lifo accounting for inventory in times

Question: 1. A firm that uses LIFO accounting for inventory in times of1ising inventory costs will always report lower profit margins than if it used FIFO. Is this correct?

2. A firm using LIFO accounting for inventory is likely to have a lower inventory turnover ratio than one using FIFO. ls this correct?

3. What is meant by "steady state"?

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