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

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In a period of rising costs, the FIFO method results in a lower cost of goods sold and a higher gross profit compared to the LIFO method, because FIFO assumes the oldest, less expensive items are sold first.

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