Question: A company is using LIFO inventory method. With rising prices, they make a large inventory purchase on December 31st. This purchase will: a. become part

A company is using LIFO inventory method. With rising prices, they make a large inventory purchase on December 31st. This purchase will:

a. become part of ending inventory

b. become part of cost of goods sold

c. be evenly divided between cost of goods sold and ending inventory

d. increase reported income

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