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, net income will be greater under FIFO than LIFO.
C) In a period of increasing costs, assets will be greater under LIFO than FIFO.
D) In a period of decreasing costs, LIFO will result in greater net income than FIFO.
Answer: C
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