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    Financial Accounting Study Set 29
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    Exam 6: Inventory and Cost of Goods Sold
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    Given the Following Data, by How Much Would Taxable Income
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Given the Following Data, by How Much Would Taxable Income

Question 39

Question 39

Multiple Choice

Given the following data, by how much would taxable income change if FIFO is used rather than LIFO? Given the following data, by how much would taxable income change if FIFO is used rather than LIFO?   A) Decrease by $20,000 B) Increase by $19,000 C) Increase by $20,000 D) Decrease by $19,000


A) Decrease by $20,000
B) Increase by $19,000
C) Increase by $20,000
D) Decrease by $19,000

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