In relation to the valuation of inventory and material issues to production, which of the following statements is true?

Question

A. During inflationary periods, cost of sales calculated using LIFO is lower than that calculated using FIFO or the Weighted Average Cost methods

B. During inflationary periods, closing inventory calculated using FIFO is valued at the lowest prices.

C. During inflationary period, cost of sales calculated using FIFO is lower than that calculated using LIFO or the Weighted Average Cost methods.

D. During inflationary periods, closing inventory calculated using LIFO is valued at the highest prices.

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