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In an inflationary economy, choosing FIFO over LIFO as an inventory cost method would affect the financial statements as follows: Group of answer choices Cost
In an inflationary economy, choosing FIFO over LIFO as an inventory cost method would affect the financial statements as follows:
Group of answer choices
Cost of goods sold will be lower and ending inventory will be lower
Cost of goods sold will be lower and tax will be higher
Cost of goods sold will be higher and ending inventory will be lower
Cost of goods sold will be higher and ending inventory will be higher
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