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Answer and discuss if merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costingFIFO, LIFO,

Answer and discuss if merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costingFIFO, LIFO, or weighted average costwill yield (a) the highest inventory cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the lowest gross profit?

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