Find which statements about the fifo cost formula is true

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Question 1: Which of the following statements about the FIFO cost formula is true?

a) The same costs per unit are assigned to the ending inventory and the cost of goods sold.

b) Companies prefer to use FIFO because it lowers their tax liability.

c) In times of rising prices FIFO will produce a higher net income than weighted-average.

d) In time of rising prices FIFO produces an inventory cost per unit that is lower than the cost per unit of cost of goods sold.

Reference no: EM132582511

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