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If a company uses FIFO and prices are rising, balance sheet inventory will be stated at historical prices and net income will be correctly stated,

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If a company uses FIFO and prices are rising, balance sheet inventory will be stated at historical prices and net income will be correctly stated, satisfying the matching principle. balance sheet inventory will be stated at current prices but net income will be overstated violating the matching principle. balance sheet inventory will be stated at current prices and net income will be correctly stated, satisfying the matching principle. balance sheet inventory will be stated at historical prices but net income will be overstated violating the matching principle

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