FIFO and LIFO
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Mast Co. converted from the FIFO method for inventory valuation to the LIFO method for financial statement and tax purposes. During a period of inflation, would Mast’s ending inventory and income tax payable using LIFO be higher or lower than FIFO?
Ending inventory Income tax payable
A. Lower Lower
B. Higher Higher
C. Lower Higher
D. Higher Lower
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