Question: Part II . Short Answer Questions. ( 4 points ) Between LIFO and FIFO, which inventory valuation method gives a better estimate of the replacement

Part II. Short Answer Questions.
(4 points) Between LIFO and FIFO, which inventory valuation method gives a better estimate of the replacement cost of inventory when prices are fluctuating? Why?
(6 points) Explain how Firm A should account for an investment in Firm B's common stock on the income statement if
i. Firm A owns 15% of Firm B's common stock and does not exercise significant control over Firm B?
ii. Firm A owns 25% of Firm B's common stock and exercises significant control over Firm B?
Firm A owns 85% of Firm B's common stock and exercises significant control over firm B?
Part II. Short Answer Questions. (4 points) Between LIFO and FIFO,

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