Under the LIFO Cost Flow Assumption During a Period of Rising

question 19

Multiple Choice

Under the LIFO cost flow assumption during a period of rising costs,which of the following is false?

• A)Cost of goods sold will be lower under LIFO than under FIFO.
• B)Net income will be lower under LIFO than under FIFO.
• C)Income tax expense will be lower under LIFO than under FIFO.
• D)Ending inventory will be lower under LIFO than under FIFO.

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