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Betasoft sells computer software and values inventory on a FIFO basis. In a period of falling prices what will be the impact on profit of using this basis of inventory valuation? A. Profits will decrease as the value of closing inventory decreases. B. Profits will increase as the value of closing inventory decreases. C. Profits will decrease as the value of closing inventory increases. D. Profits will increase as the value of closing inventory increases. |