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How will lifo and fifo inventory values are affected

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Reference no: EM132757801

Problem 1: How will LIFO and FIFO inventory values are affected by an increasing inventory price environment?

a) Closing inventory value based on LIFO will equal the value based on FIFO
b) LIFO is not used in an increasing inventory price environment
c) Closing inventory value based on FIFO will be less than the value based on LIFO
d) Closing inventory value based on LIFO will be less than the value based on FIFO

Reference no: EM132757801

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