Higher cost of sales, If prices are rising and a company’s

Higher cost of sales

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Reference no: EM13915557

If prices are rising and a company’s physical inventory levels are unchanged, the use of FIFO rather than LIFO for inventory valuation will tend to result in the current period in a –(answers) higher cost of sales, lower ending inventory, higher income tax expense, lower gross profit.

Reference no: EM13915557

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