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Astro Company changed its inventory cost flow assumption from FIFO to LIFO in a period of rising prices. What was the result of the change
Astro Company changed its inventory cost flow assumption from FIFO to LIFO in a period of rising prices. What was the result of the change on net income in the year of the change?
a. | Increased net income |
b. | Decreased net income |
c. | No change in net income |
d. | Cannot determine from the information provided
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