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By using the LIFO method of inventory accounting, a company like Exxon will report higher earnings during rising prices of inputs and pay higher taxes.

By using the LIFO method of inventory accounting, a company like Exxon

will report higher earnings during rising prices of inputs and pay higher taxes.

will report its inventory on its balance sheet at current prices.

will report lower earnings during rising prices of inputs and pay lower taxes.

will overvalue its inventory on its balance sheet when prices of inputs are rising.

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