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Acc 201 Important table 5 fianl exam

Acc 201 Important table 5 fianl exam - Increasing Costs...

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Unformatted text preview: Increasing Costs: Normal Financial Statement Effects FIFO LIFO Cost of goods sold on income statement Lower Higher Net income Higher Lower Income taxes Higher Lower Inventory on balance sheet Higher Lower Decreasing Costs: Normal Financial Statement Effects FIFO LIFO Cost of goods sold on income statement Higher Lower Net income Lower Higher Income taxes Lower Higher Inventory on balance sheet Lower Higher ...
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