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Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____.

a) LIFO will have the highest ending inventory

b) FIFO will have the highest cost of goods sold

c) FIFO will have the highest ending inventory

d) LIFO will have the lowest cost of goods sold

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941838

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