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question archive In an inflationary environment: a company's net income will be higher if it uses LIFO than if it uses FIFO

In an inflationary environment: a company's net income will be higher if it uses LIFO than if it uses FIFO

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In an inflationary environment:

    1. a company's net income will be higher if it uses LIFO than if it uses FIFO.
    2. a company's cost of goods sold will be lower if it uses LIFO as opposed to FIFO.
    3. a company's net income will be the same regardless of whether LIFO or FIFO is used.
    4. a company's assets will be lower if it uses LIFO as opposed to FIFO cost flow.

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