During a period of rising prices

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Reference no: EM131285075

Which of the following statements about the FIFO inventory method is true? During a period of rising prices:

Income taxes will be less under FIFO than under LIFO.

COGS under FIFO will be higher than COGS under average cost.

The ending inventory under FIFO will be lower than the ending inventory under average cost.

The gross profit under FIFO will be higher than under average cost.

Reference no: EM131285075

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