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?
Select one:
a.
Ending InventoryNet IncomeIncreaseIncrease
b.
Ending InventoryNet IncomeIncreaseDecrease
c.
Ending InventoryNet IncomeDecreaseDecrease
d.
Ending InventoryNet IncomeDecreaseIncrease

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