In a period of rising prices, a. Net income under LIFO will be higher than under FIFO.
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In a period of rising prices,
a. Net income under LIFO will be higher than under FIFO.
b. Gross profi t under FIFO will be higher than under LIFO.
c. LIFO inventory will be greater than FIFO inventory.
d. Cost of goods sold under LIFO will be less than under FIFO.
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Related Book For 
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
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