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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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