Question: Using the first in, first out (FIFO) system for pricing inventory means that when prices are rising: Select one: O a. the cost of inventory

Using the first in, first out (FIFO) system for pricing inventory

Using the first in, first out (FIFO) system for pricing inventory means that when prices are rising: Select one: O a. the cost of inventory issued is overstated and profits overstated O b. the cost of inventory issued is overstated and profits understated OC. the cost of inventory issued is understated and profits understated Od the cost of inventory issued is understated and profits are overstated

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