1. What does the term LIFO liquidation mean? How can it lead to poor buying habits? 2. Is it acceptable for a company to disclose in its annual report that it is switching from some other inventory...

1. What does the term LIFO liquidation mean? How can it lead to poor buying habits?

2. Is it acceptable for a company to disclose in its annual report that it is switching from some other inventory costing method to LIFO to save on taxes? Explain.

May 26, 2022