Effect of using lifo during periods of rising prices

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Reference no: EM131133874

Which one of the following is an effect of using LIFO during periods of rising prices? Select one: a) Results in cost of goods sold closely approximating its market value. b) Results in higher profits than if FIFO were used. c) Is best for GAAP reporting to shareholders. d) Most closely reflects the physical flow of goods for most businesses.

Reference no: EM131133874

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