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Find how would affect net income

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Question 1: When using FIFO costing during an inflationary time period, will the cost of goods be higher or lower than when using LIFO? And how would affect net income? Higher or lower?

Reference no: EM132589957

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Find how would affect net income : When using FIFO costing during an inflationary time period, will the cost of goods be higher or lower than when using LIFO? And how would affect net income?
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