Question: When inventory prices are decreasing, the LIFO inventory costing method will yield a GROSS PROFIT that is: O equal to the cost of goods sold

When inventory prices are decreasing, the LIFO inventory costing method will yield a GROSS PROFIT that is: O equal to the cost of goods sold under the FIFO method. higher than the gross profit under the FIFO method. equal to the gross profit under the FIFO method. less than the gross profit under the FIFO method

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