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Which of the following statements is least accurate? A. In a period of rising prices, FIFO gives the best COGS, whereas LIFO gives the best inventory balance on the balance sheet. B. In a period of rising prices, LIFO gives the best COGS, whereas FIFO gives the best inventory balance on the balance sheet. C. LIFO produces a tax benefit in a period of rising prices, therefore results in higher cash flows than FIFO. |