The effect of the FIFO accounting method on inventory valuations during a period of sharply rising prices is:
(A) reduce profits
(B) reduce tax liability
(C) increase the value of the inventory account
(D) increase the cost of goods sold
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Home » Business » The effect of the FIFO accounting method on inventory valuations during a period of sharply rising prices is: (A) reduce profits (B) reduce tax liability (C) increase the value of the inventory account (D) increase the cost of goods sold