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In each space below, place the correct sign [less than (<), great (>), or equal...

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Accounting

In each space below, place the correct sign [less than (<), great (>), or equal (=)] for each comparison, assuming periods of rising prices.

FIFO inventory ______ LIFO cost of goods sold.

FIFO cost of goods sold_____ LIFO cost of goods sold.

FIFO net income _____ LIFO net income.

FIFO income tax_____ LIFO income tax.

Why would management prefer to use LIFO in periods of rising prices?

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