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Jackson's inventory cost on the balance sheet was lower when using first-in, first-out than when using last-in, first-out. Assuming no beginning inventory, in which direction
Jackson's inventory cost on the balance sheet was lower when using first-in, first-out than when using last-in, first-out. Assuming no beginning inventory, in which direction did the cost of purchases move during the year?
a. Up.
b. Down.
c. Steady.
d. Cannot be determined.
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