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Regarding eating disorders, which of the following statements is FALSE?
FIFO Reserve
The difference between the cost of inventory calculated using the First In, First Out (FIFO) method and another inventory costing method.
LIFO Reserve
The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and its cost calculated under the First In, First Out (FIFO) method.
Ending Inventory
The value of goods available for sale at the close of an accounting period.
Net Income
A company's earnings after deducting expenses and taxes from the total sales.
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