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    Question

    in a period of rising prices, FIFO will have?
    a. lower net income than LIFO b. lower costs of goods sold than LIFO c. lower income tax expense than LIFO d. lower net purchases than LIFO
    a few seconds ago 3 Answers

    Best Answer

    I'd say b only b - because you are moving the cost of your older, earlier purchased products - so their cost should be lower than something purchased more recently.
    a few seconds ago

    Other Answers

    • d.............

      by kapn - 4 hours ago

    • b. & d.

      by Irv S - 4 hours ago

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