(Solution) - Assume no changes in physical quantities during the period Duri -(2025 Original AI-Free Solution)

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Assume no changes in physical quantities during the period. During a period of rising purchase prices, will a FIFO or a LIFO cost-flow assumption result in the higher ending inventory balance sheet carrying value? The lower balance sheet carrying value? Which cost-flow assumption will result in the higher cost of goods sold? Which will result in the lower cost of goods sold?