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Using the Following Data,by How Much Would Taxable Income Change

Question 42

Multiple Choice

Using the following data,by how much would taxable income change if LIFO is used rather than FIFO? Using the following data,by how much would taxable income change if LIFO is used rather than FIFO? A) There is no difference. B) Increase by $20,000. C) Decrease by $20,000. D) Decrease by $60,000.


A) There is no difference.
B) Increase by $20,000.
C) Decrease by $20,000.
D) Decrease by $60,000.

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