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Books Inc. made the following purchases of inventory: Jan 1 0 0 books at $ 5 each; Feb 7 5 books at $ 6 each;
Books Inc. made the following purchases of inventory: Jan books at $ each; Feb books at $ each; Mar books at $ each. In April, the store opened and during this month sold books with a selling price of $ each.
If Books Inc uses LIFO for its inventory, its ending inventory value will be higher or lower than if it used FIFO. The GM for the month of April will be higher or lower than if FIFO had been used.
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