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In periods with rising prices and increasing quantities of inventories, which of the following relationships among inventory valuation methods is generally correct:

a) FIFO has a higher inventory balance and a lower net income than LIFO.

b) FIFO has a higher inventory balance and a higher net income than LIFO.

c) LIFO has a higher inventory balance and a higher net income than FIFO.

d) LIFO has a higher inventory balance and a lower net income than FIFO.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941164

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