Question: A company decided to change its inventory valuation method from FIFO to LIFO in a period of rising prices. What was the result of the

A company decided to change its inventory valuation method from FIFO to LIFO in a period of rising prices.

What was the result of the change on ending inventory and net income in the year of the change?

Ending inventory Net income

a. Increase Increase

b. Increase Decrease

c. Decrease Decrease

d. Decrease Increase

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