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If merchandise inventory is being valued at cost and the

1. If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or average cost-will yield

(a) The highest inventory cost,

(b) The lowest inventory cost,

(d) The lowest gross profit?

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Accounting Basics: If merchandise inventory is being valued at cost and the

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