During periods of rising prices, the use of FIFO (as compared with LIFO) will result in what
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During periods of rising prices, the use of FIFO (as compared with LIFO) will result in what effect on the financial statements?
A. lower inventory, higher cost of goods sold, and lower gross profit, net income, income taxes, and retained earnings.
B. lower inventory, higher cost of goods sold, and higher costs of goods sold and higher gross profit, net income, income taxes, and retained earnings.
C. higher inventory, lower cost of goods sold, and higher gross profit, net income, income taxes, and retained earnings.
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