Which inventory costing method results in the lowest net income during a period of declining inventory costs?

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Which inventory costing method results in the lowest net income during a period of declining inventory costs?

a. Last-in, first-out (LIFO)

b. Specific-unit cost

c. Average cost

d. First-in, first-out (FIFO)

AppendixLO1

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Financial Accounting

ISBN: 9781292019543

3rd Global Edition Edition

Authors: Robert Kemp, Jeffrey Waybright, Pearson Education

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