Company a is identical to company b in every regard except that company a uses fifo and company b uses lifo. in an extended period of rising inventory costs, company a's gross profit and inventory turnover ratio, compared to company b's, would be:
gross profit inventory turnover
a. lower lower
b. higher higher
c. higher lower
d. lower higher
a. option a
b. option b
c. option c
d. option d