Question: During a period when inventory costs are steadily decreasing, which of the following is true? a. Ending inventory value will be higher under LIFO than

During a period when inventory costs are steadily decreasing, which of the following is true?

a. Ending inventory value will be higher under LIFO than under FIFO.

b. Cost of goods sold will be higher under LIFO than under FIFO.

c. Income taxes will be lower under LIFO than under FIFO.

d. Net income will be higher under FIFO than under LIFO.

Answer: A is the correct answer

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