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Assuming a period of inflation, which statement is true? The LIFO method overstates balance sheet...

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Accounting

Assuming a period of inflation, which statement is true?
The LIFO method overstates balance sheet inventory.
The FIFO method understates cost of goods sold on the income statement.
The FIFO method understates balance sheet inventory.
The LIFO method understates cost of goods sold on the income statement.
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