If a firm chooses to use the fifo method of inventory, Finance Basics

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If a firm chooses to use the fifo method of inventory

Question: If a firm chooses to use the FIFO method of inventory valuation instead of the LIFO method, explain the impact of deflation on the amounts shown on the balance sheet for inventory and on the income statement for cost of goods sold. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Finance Basics: If a firm chooses to use the fifo method of inventory

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