Clayton Company”s inventory was 12,000 units with a cost of USD 160 each on 2010 January 1. During 2010, numerous units were purchased and sold. Also during 2010, the purchase price of this product fell steadily until at year-end it was USD 120. The inventory at year-end was 18,000 units. State which method of inventory measurement, LIFO or FIFO, would have resulted in higher reported net income, and explain briefly.
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