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George Bluth Corp. sells Cornball machines to end users. The cost for George Bluth to purchase the machines is constantly increasing. Based on the fact
George Bluth Corp. sells Cornball machines to end users. The cost for George Bluth to purchase the machines is constantly increasing. Based on the fact that the cost of George Bluth's inventory is increasing over time, which of the following statements are true? Mark all that apply The FIFO cost assumption will give George Bluth higher gross profit than the LIFO cost assumption The FIFO cost assumption will give George Bluth lower income tax expense than the LIFO cost assumption The FIFO cost assumption will give George Bluth higher net income than the LIFO cost assumption The FIFO cost assumption will give George Bluth a higher inventory value (on its balance sheet) than the LIFO cost assumption
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