Question: When costs to purchase inventory are increasing over time, using FIFO leads to reporting cost of goods sold and net income than LIFO. lower, lower

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

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