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20. In times of declining prices, A) LIFO, lower B) FIFO, higher C) LIFO, higher generally result(s) in the net income. D) LIFO and FIFO,
20. In times of declining prices, A) LIFO, lower B) FIFO, higher C) LIFO, higher generally result(s) in the net income. D) LIFO and FIFO, same Ashland Company has a perpetual inventory system and uses the FIFO method of inventory costing. Ashland had a beginning inventory of 50 units and reported the following events during the month of June: Number of Units Date Event Bought Sold Unit Price June 1 Beginning Inv. $10 3 Purchase 25 11 5 Sale 50 10 Purchase 120 12 16 Sale 65 21 Sale 40 25 Purchase 155 14 30 Sale 120
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