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Jamal owns a small retail store as a sole proprietor. The business records show that the cost of the store's inventory items has been steadily

Jamal owns a small retail store as a sole proprietor. The business records show that the cost of the store's inventory items has been steadily increasing. The cost of the ending inventory is $200,000, and the cost of the beginning inventory was $250,000. Jamal uses the FIFO method of inventory valuation. Which of the following statements is true?
a. Jamal has apparently decreased the volume of items in his ending inventory as compared to the number of items in his beginning inventory.
b. Jamal purchased more inventory during the year than he sold during the same 1-year period.
c. Since the cost of the store's inventory items is increasing, Jamal will have a greater cost of goods sold figure under FIFO than LIFO.
d. Jamal would have a higher net income if he used the LIFO method of inventory valuation instead of the FIFO method.
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