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

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

a.

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

Cost of goods sold will be lower under LIFO than under FIFO.
c.

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

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

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