Question: When prices are falling, valuing inventory using the LIFO method rather than FIFO gives a. Inventory a higher value but lowers net income. b. Inventory

When prices are falling, valuing inventory using the LIFO method rather than FIFO gives a. Inventory a higher value but lowers net income. b. Inventory a lower value and net income a higher value. c. Both inventory and net income a higher value. d. Inventory a lower value and also lowers net income.

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