Question

Which of the following will occur when inventory costs are decreasing?

A) FIFO will result in a lower net income but a higher ending inventory than will LIFO.

B) FIFO will result in a higher net income but a lower ending inventory than will LIFO.

C) FIFO will result in a lower net income and a lower ending inventory than will LIFO.

D) FIFO will result in a higher net income and a higher ending inventory than will LIFO.

Answer

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