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  3. in times of falling prices, choosing lifo over fif

In times of falling prices, choosing LIFO over FIFO as an inventory cost method would...

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Accounting

In times of falling prices, choosing LIFO over FIFO as an inventory cost method would affect the financial statements as follows: A) Cost of goods sold will be higher and ending inventory will be lower B) Cost of goods sold will be lower and ending inventory will be lower C) Cost of goods sold will be higher and ending inventory will be higher D) Cost of goods sold will be lower and ending inventory will be higher E) None of the above

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