What does it mean that FIFO has a balance-sheet focus and LIFO has an income-statement focus?

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jul 13, 2016 03:45 AM

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What does it mean that FIFO has a balance-sheet focus and LIFO has an income-statement focus?

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Since FIFO assumes the first purchases sell first the amount it reports for endi...View the full answer

Financial Accounting

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