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As a firm liquidates LIFO layers of inventory, the costs of the LIFO layers are matched against current sales dollars resulting in a gross profit
As a firm liquidates LIFO layers of inventory, the costs of the LIFO layers are matched against current sales dollars resulting in a gross profit margin that is:
Select one:
a. Higher than under FIFO.
b. Lower than under FIFO.
c. The same as under FIFO.
d. More information is needed.
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