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During a period when inventory costs are steadily decreasing , which of the following is true? Ending inventory value will be higher under FIFO than

During a period when inventory costs are steadily decreasing, which of the following is true?

Ending inventory value will be higher under FIFO than under LIFO.

Income taxes will be lower under FIFO than under LIFO.

Cost of goods sold will be higher under LIFO than under FIFO.

Net income will be higher under FIFO than under LIFO.

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