marolmos
Sep 13, 2013, 07:16 AM
In times of falling prices, choosing LIFO over FIFO as an inventory cost method would affect the financial statements as follows:
Answer
Cost of goods sold will be higher and ending inventory will be lower
Cost of goods sold will be lower and ending inventory will be lower
Cost of goods sold will be higher and ending inventory will be higher
Cost of goods sold will be lower and ending inventory will be higher
none of the above
Answer
Cost of goods sold will be higher and ending inventory will be lower
Cost of goods sold will be lower and ending inventory will be lower
Cost of goods sold will be higher and ending inventory will be higher
Cost of goods sold will be lower and ending inventory will be higher
none of the above