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Using the Following Data, by How Much Would Taxable Income

Question 167

Multiple Choice

Using the following data, by how much would taxable income change if LIFO is used rather than FIFO? Using the following data, by how much would taxable income change if LIFO is used rather than FIFO? A) There is no difference. B) Increase by $40,000. C) Decrease by $40,000. D) Decrease by $70,000.


A) There is no difference.
B) Increase by $40,000.
C) Decrease by $40,000.
D) Decrease by $70,000.

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