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1.) What is the effect of increasing prices in the ending inventory under FIFO? How is the cost of goods sold affected by this? 2.)

1.) What is the effect of increasing prices in the ending inventory under FIFO? How is the cost of goods sold affected by this?

2.) What is the difference between the gross profit based on sales vs gross profit based on cost? Elaborate your answer.

Answer the following and explain I will give you thumbs up!

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