A company decided to change its inventory valuation method from FIFO to LIFO in a period of rising prices. What was the result of the change on ending inventory and net income in the year of the change?
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|
Ending inventory |
Net income |
|
|
a. |
Increase |
Increase |
|
b. |
Increase |
Decrease |
|
c. |
Decrease |
Decrease |
|
d. |
Decrease |
Increase |