What Happens When Prices Are Falling

question 18

Multiple Choice

What happens when prices are falling?

• A)LIFO will result in lower net income and a lower inventory valuation than will FIFO.
• B)LIFO will result in lower net income and a higher inventory valuation than will FIFO.
• C)LIFO will result in higher net income and a higher inventory valuation than will FIFO.
• D)LIFO will result in higher net income and a lower inventory valuation than will FIFO.

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