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If merchandise inventory is being valued at cost

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1. If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or average cost-will yield 

(a) The highest inventory cost, 

(b) The lowest inventory cost, 

(c) The highest gross profit, and 

(d) The lowest gross profit?

Reference no: EM131122965

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