Figure 16-11 
-Refer to Figure 16-11. What, if any, long run adjustment will occur in this industry?
Definitions:
LIFO Method
Last In, First Out method; an inventory valuation method where the last items added to inventory are assumed to be sold first.
Cost Of Goods Sold
The straightforward costs associated with producing goods for sale by a company, covering labor and materials.
Ending Inventory
The total value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory then subtracting goods sold.
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