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a. FIFO b. LIFO c. Average
First In, First Out - FIFO
a.FIFO
Answer A FIFO
FIFO
low income tax figure can be achieved if groos profit/profit is lower.
if company uses lifo costing method and prices of that material are increasing, then cost of goods sold will be higher resulting in lower groos profit and ending inventory figure.viceversa for FIFO.
