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During a period of rising prices the financial statements

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Reference no: EM13574435

During a period of rising prices, the financial statements of a firm using FIFO reporting instead of LIFO reporting would show:

a. Higher total assets and higher net income.

b. Higher total assets and lower net income.

c. Lower total assets and higher net income.

d. Lower total assets and lower net income.

Reference no: EM13574435

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