Chartered Financial Analyst Level 1
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Under US GAAP, which of the following disclosures is required for inventory in financial statements?
A
The material income derived from the liquidation of LIFO inventory.
B
The reversal of any inventory write-downs recognized as a reduction in cost of goods sold during the period.
C
Both the material income from LIFO inventory liquidation and the reversal of inventory write-downs recognized as a reduction in cost of goods sold.