Titan Company Changed Its Inventory Cost Flow Assumption from FIFO

question 10

Multiple Choice

Titan Company changed its inventory cost flow assumption from FIFO to LIFO in a period of rising prices.What was the result of the change on ending inventory in the year of the change?

• A)increased ending inventory
• B)decreased ending inventory
• C)no change in ending inventory
• D)cannot determine from the information given

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Definitions:

High Paying Job

A profession or occupation that offers a significantly higher salary compared to average positions.

Customers' Preference

The inclination or predisposition of consumers towards certain products, services, or brands over others.

Blocking

A method used in experimental design to minimize the effects of nuisance variables by grouping units with similar characteristics.

Random Assignment

An experimental technique for assigning individuals to different groups in a study using randomization, ensuring that each participant has an equal chance of being assigned to any group.