Question: For each item below, indicate whether FIFO or LIFO will generally result in a higher reported amount when inventory costs are rising versus falling. The

For each item below, indicate whether FIFO or LIFO will generally result in a higher reported amount when inventory costs are rising versus falling. The first answer is provided as an example.

Higher Cost of Goods Sold Higher Total Assets Higher Net Income Inventory

Higher Cost of Goods Sold Higher Total Assets Higher Net Income Inventory Costs Rising Declining FIFO

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