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In times of rising costs, a. FIFO will result in lower income taxes because the most recent costs are used to calculate Cost of Good
In times of rising costs,
a.
FIFO will result in lower income taxes because the most recent costs are used to calculate Cost of Good Sold.
b.
companies must use weighted-average costing.
c.
companies can use FIFO for financial statements and LIFO for tax purposes.
d.
LIFO will result in lower income taxes because the most recent costs are used to calculate Cost of Good Sold.
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