A firm using FIFO had a beginning inventory of $48,000, an ending inventory of $56,000, and a pretax income of $400,000.If it had used LIFO, its beginning inventory would have been $20,000, and its ending inventory would have been $16,000.From the information provided, one can conclude that:

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The Answer of A firm using FIFO had a beginning inventory of $48,000, an ending inventory of $56,000, and a pretax income of $400,000.If it had used LIFO, its beginning inventory would have been $20,000, and its ending inventory would have been $16,000.From the information provided, one can conclude that:

A Firm Using FIFO Had a Beginning Inventory of $48,000