How would reported income differ

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1. The costs of which units of inventory are allocated to ending inventory or cost of goods sold using the FIFO, LIFO, and average cost methods?

2. If inventory prices are rising, which inventory costing method should produce the smallest payment for taxes?

3. How would reported income differ if LIFO rather than FIFO were used when purchase prices are rising? When purchase prices are falling?

Reference no: EM131342736

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