Match each description to the appropriate cost flow assumption (a-c).
-Widely used for tax purposes
A)FIFO
B)LIFO
C)Weighted average

Name: Match each description to the appropriate cost flow assumption (a-c). -Widely used for tax purposes A)FIFO B)LIFO C)Weighted average
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LIFO (Last-In, First-Out) is widely used for tax purposes because it can reduce taxable income in times of inflation by matching the most recent higher costs against current revenues.

Match Each Description to the Appropriate Cost Flow Assumption (A-C)