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Which of the following statements is incorrect? Last-in, first-out method assumes the oldest goods are sold first. The four inventory costing methods differ in the

Which of the following statements is incorrect?

Last-in, first-out method assumes the oldest goods are sold first.

The four inventory costing methods differ in the way they assign costs to cost of goods sold and ending inventory.

Last-in, first out method minimizes tax payments in the period of rising prices.

First-in, first-out method yields the highest gross profit in the period of rising prices.

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