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12 Nov 2018
20 Which of the following are true regarding LIFO and FIFO inventory costing methods in a period of rising prices? a. LIFO results in lower cost of goods sold and lower inventory balances. b. FIFO results in lower cost of goods sold and lower inventory balances. C. LIFO results in higher net income and lower inventory balances. d. FIFO results in lower cost of goods sold and higher inventory balances. e. None of the above. The correct answer is 'd'.
20 Which of the following are true regarding LIFO and FIFO inventory costing methods in a period of rising prices? a. LIFO results in lower cost of goods sold and lower inventory balances. b. FIFO results in lower cost of goods sold and lower inventory balances. C. LIFO results in higher net income and lower inventory balances. d. FIFO results in lower cost of goods sold and higher inventory balances. e. None of the above. The correct answer is 'd'.
Deanna HettingerLv2
14 Nov 2018
