8. You have studied the differences between LIFO and FIFO inventory cost flow methods. In chapter 8 you read how early LIFO adopters still have inventory valued at costs prevailing during World War II.
Critique the advantages and disadvantages of the two methods and conclude on what method you believe should be used.
9. Distinguish between FASB Statement No. 12 and FASB Statement No. 115. What are your thoughts on reporting investments at Fair Market Value? Discuss the pros and cons.
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