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

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In a period of rising costs, the LIFO method results in a higher cost of goods sold and a lower net income compared to the FIFO method, because the most recently acquired (and presumably more expensive) inventory is sold first.

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