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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.

Clear my choice

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