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When using First-In, First-Out (FIFO): a) management can decide which costs to assign to the balance sheet and which costs to assign to the income
When using First-In, First-Out (FIFO):
a) management can decide which costs to assign to the balance sheet and which costs to assign to the income statement.
b) identical costs go to the balance sheet and the income statement.
c) older costs go to the income statement; newer costs go to the balance sheet.
d)older costs go to the balance sheet, newer costs go to the income statement.
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