5. A manufacturing company has used LIFO since it started in business in 1985 and since then has increased its inventory every year. Costs of inventory also have continually increased since then. In 2021, during COVID, the company sold half of all of its inventory and did not manufacture any inventory in 2021. Which of the following is true? a. The company will show much lower profits in 2021 than it would have had it used FIFO all along b. The inventory at the end of 2021 will be valued at much higher prices than if the company had been using FIFO all along c. b and c d. None of the above
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