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  1. business
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  3. which of the following statements about inventory

Which of the following statements about Inventory Costing Methods is (are) correct? Select all...

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Accounting

Which of the following statements about Inventory Costing Methods is (are) correct?
Select all correct statements, incorrect choices are penalized.
In times of rising prices Lifo will report the lowest gross profit.
In times of rising prices prices FIFO will report the lowest cost of goods sold.
In times of rising prices Lifo will report the highest gross profit.
Average cost always reports ending inventory and cost of goods sold higher than
both FIFO & LIFO.
In times of rising prices prices FIFO will report the highest gross profit.
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