Question: Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using

Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method?

Prices increased.

Prices decreased.

Prices remained unchanged.

Price trend cannot be determined from information given.

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