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If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing - FIFO, LIFO, or

If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing - FIFO, LIFO, or Weighted Average cost - will yield

a. the highest inventory cost

b. the lowest inventory cost

c. the highest gross profit

d. the lowest gross profit

please explain the answer thoroughly.

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