Solutions manual chapter 7 version 1

will affect the income statement in two ways: (1) the amount of cost of goods sold and (2) income. When the prices are rising, FIFO. will give a lower cost of goods sold amount and hence a higher income amount than will . LIFO. In contrast, when prices are falling, FIFO. will give a higher cost of goods sold amount and, as a result, a lower ... ................
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