In a period of rising costs,the first-in,first-out (FIFO)method results in lower cost of goods sold and higher gross profit than the last-in,first-out (LIFO)method.

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In a period of rising costs, FIFO assumes older, cheaper inventory is sold first, resulting in lower cost of goods sold and higher gross profit compared to LIFO, which assumes newer, more expensive inventory is sold first.

In a Period of Rising Costs,the First-In,first-Out (FIFO)method Results in Lower