Question: A company currently uses the LIFO method to value its inventory. For each of the following items, indicate whether it would be higher (H) or

A company currently uses the LIFO method to value its inventory. For each of the following items, indicate whether it would be higher (H) or lower (L) if the company changed to the FIFO method. Assume a period of rising prices.
____________ Cost of goods sold
____________ Gross profit
____________ Income before taxes
____________ Income taxes
____________ Cash outflow

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