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11. Fill in the blanks. If costs are rising, then...... a) LIFO COGS is (greater or less than) FIFO COGS b) LIFO ending inventory is
11. Fill in the blanks. If costs are rising, then...... a) LIFO COGS is (greater or less than) FIFO COGS b) LIFO ending inventory is (greater or less than) FIFO ending inventory c) Net Income for a company using LIFO will be (greater or less than) a company that uses FIFO If COGS is understated: (Fill in with overstated or understated): d) Ending inventory is e) Net Income is f) Ending Retained Earnings are g) Stockholder's Equity is h)Assets are
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