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Which inventory costing method-fifo lowest ending inventory

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Reference no: EM132642677

Question 1: Explain why using the FIFO inventory costing method will increase gross profit during periods of rising inventory costs.

Question 2: If inventory costs are rising, which inventory costing method-first-in, first-out; last-in, first-out; or average cost-yields the (a) lowest ending inventory? (b) lowest net income? (c) largest ending inven- tory? (d) largest net income? (e) greatest cash flow, assuming the same method is used for tax purposes?

Reference no: EM132642677

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