Which one of the following statements is true? a. Under conditions of rising prices, the...
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Accounting
Which one of the following statements is true?
a. Under conditions of rising prices, the LIFO method results in lower income than the FIFO method.
b. In most cases, the LIFO method approximates the physical flow of items in inventory.
c. The LIFO method produces a higher ending inventory value than the FIFO method.
d. The FIFO method excludes holding gains from income.
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