Question: What happens when prices are falling? Multiple Choice LIFO will result in lower net income and a lower inventory valuation than will FIFO. LIFO will

What happens when prices are falling?
Multiple Choice
LIFO will result in lower net income and a lower inventory valuation than will FIFO.
LIFO will result in lower net income and a higher inventory valuation than will FIFO.
LIFO will result in higher net income and a higher inventory valuation than will FIFO.
LIFO will result in higher net income and a lower inventory valuation than will FIFO.

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