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In a period of rising prices, the inventory costing method that will cause the company to have the following is: Highest COGS | Highest Ending
In a period of rising prices, the inventory costing method that will cause the company to have the following is:
Highest COGS Highest Ending Inventory Highest Net Income Lowest Income Tax Expense
a LIFO FIFO LIFO LIFO
b FIFO LIFO FIFO FIFO
c LIFO FIFO FIFO LIFO
d FIFO LIFO FIFO LIFO
Which option is correct?
I couldnt put it into the table format but hopefully this is clear enough.
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