Which of the Following Statements Is Correct

question 133

Multiple Choice

Which of the following statements is correct?

• A)FIFO results in a lower net income than LIFO when costs are rising.
• B)LIFO results in a higher net income than FIFO when costs are rising.
• C)LIFO results in a higher net income than FIFO when costs are falling.
• D)LIFO results in the same net income as FIFO when costs are rising.

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