Question: When costs to purchase inventory are increasing over time, using FIFO leads to reporting cost of goods sold and gross profit than LIFO. Multiple Choice

When costs to purchase inventory are increasing over time, using FIFO leads to reporting
cost of goods sold and
gross profit than LIFO.
Multiple Choice
lower, lower
higher, higher
lower, higher
higher; lower
When costs to purchase inventory are increasing over time, using FIFO

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