Choose the Statement Which Is Correct

question 6

Multiple Choice

Choose the statement which is correct. Assume that inventory prices are rising.

• A) The LIFO method gives the lowest figure for cost of sales.
• B) The FIFO method gives the lowest closing inventory figure in the balance sheet.
• C) The FIFO method gives the highest closing inventory figure in the balance sheet.
• D) The LIFO method gives the highest closing inventory figure in the balance sheet.

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Definitions:

Redundancy

The inclusion of extra components or systems that are not strictly necessary, to provide backup in case of failure.

Primary Key

A unique identifier for each record in a database table, ensuring no two rows have the same key.

Employee Table

A structured arrangement of data often in rows and columns that pertains to employees.

Social Security Number

A nine-digit number issued to U.S. citizens, permanent residents, and temporary working residents that tracks individuals for Social Security and tax purposes.