Which of the following is incorrect regarding LIFO and FIFO?
A. In a period of decreasing costs, FIFO will result in lower total assets than LIFO.
B. In a period of increasing costs, assets will be greater under LIFO than FIFO.
C. In a period of increasing costs, net income will be greater under FIFO than LIFO.
D. In a period of decreasing costs, LIFO will result in greater net income than FIFO.
Answer: B
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