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    Mar 1, 2011, 07:24 PM
    FIFO vs LIFO? Financial Accting question!
    Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using


    LIFO will have the lowest cost of goods sold.

    FIFO will have the highest cost of good sold.

    FIFO will have the highest ending inventory.

    LIFO will have the highest ending inventory.

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