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During periods of rising prices, which of the following is most likely to occur? A. LIFO COGS > FIFO COGS, therefore LIFO net income < FIFO net income. B. LIFO COGS > FIFO COGS, therefore LIFO net income > FIFO net income. C. LIFO COGS < FIFO COGS, therefore LIFO net income < FIFO net income. |