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When Comparing the Results of LIFO and FIFO When Inventory

Question 49

Multiple Choice

When comparing the results of LIFO and FIFO when inventory costs are decreasing:


A) cost of goods sold will be the lowest using FIFO.
B) ending inventory will be the highest using FIFO.
C) cost of goods sold will be the highest using LIFO.
D) ending inventory will be the highest using LIFO.

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