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When the cost of inventory is increasing: LIFO shows lower COGS and lower taxable income FIFO shows higher taxable income and higher COGS FIFO shows
When the cost of inventory is increasing:
LIFO shows lower COGS and lower taxable income
FIFO shows higher taxable income and higher COGS
FIFO shows higher COGS and lower taxable income
LIFO shows higher COGS and lower taxable income
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Contemporary Auditing
Authors: Michael C. Knapp
8th edition
978-0538466790, 538466790, 978-1285066608
