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4. Under the FIFO cost flow assumption during a period of rising costs, which of the following is false? - Cost of goods sold will
4. Under the FIFO cost flow assumption during a period of rising costs, which of the following is false?
- Cost of goods sold will be lower under FIFO than under LIFO
-Ending inventory will be lower under FIFO than under LIFO
-Income tax expense will be higher under FIFO than under LIFO
-Net income will be higher under FIFO than under LIFO
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