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What use of lifo method of valuing inventory will result

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Problem 1: When a company has inventory which is subject to gradually increasing prices, the use of the LIFO method of valuing inventory will result in the:

a. Highest amount of assets and the lowest amount of net income.

b. Highest amount of assets and the highest amount of net income.

c. Lowest amount of assets and the highest amount of net income.

d. Lowest amount of assets and the lowest amount of net income.

Reference no: EM132720183

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