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16. What happens when prices are rising? a. LIFO will result in higher net income and a lower inventory valuation than will FIFO. b. LIFO
16. What happens when prices are rising?
| a. | LIFO will result in higher net income and a lower inventory valuation than will FIFO. | |
| b. | LIFO will result in higher net income and a higher inventory valuation than will FIFO.
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| c. | LIFO will result in lower net income and a lower inventory valuation than will FIFO. | |
| d. | LIFO will result in lower net income and a higher inventory valuation than will FIFO. |
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