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Which one of the following statements is false? In most cases, the FIFO method approximates...

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Accounting

Which one of the following statements is false?

In most cases, the FIFO method approximates the physical flow of items in inventory.

Under conditions of rising prices, the LIFO method results in lower income than the FIFO method.

The FIFO method includes holding gains in income.

The LIFO method produces a higher ending inventory value than the FIFO method.

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