Question: 7) When inventory prices are decreasing, the FIFO costing method will generally yield a cost of goods sold that is: a. higher than cost of

7) When inventory prices are decreasing, the FIFO costing method will generally yield a cost of goods sold that is:

a. higher than cost of goods sold under the LIFO method.

b. lower than cost of goods sold under the LIFO method.

c. equal to the gross profit under the LIFO method.

d. equal to cost of goods sold under the LIFO method.

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