Discuss-which-method-FIFO-or-LIFO-would-be-preferred-for-income-tax-purposes-in-periods-of-rising-prices-and-declining

Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of rising prices and declining prices.

In times of rising prices LIFO method would be preferred and in times of declining prices FIFO method would be preferred.

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