Two Companies Report the Same Cost of Goods Available for Sale

question 36

Multiple Choice

Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period then the company using

• A) LIFO will have the highest ending inventory.
• B) FIFO will have the highest cost of good sold.
• C) FIFO will have the highest ending inventory.
• D) LIFO will have the lowest cost of goods sold.

---

Definitions:

Meta-Analysis

A technique in statistics that combines the results of multiple scientific studies to find patterns among the results.

Drug Therapy

The treatment of disease and conditions with pharmaceutical drugs.

Statistical Review

The process of examining the statistical methods and analyses in research for accuracy, appropriateness, and validity.

Meta-analyses

Statistical analyses that combine the results of multiple scientific studies to derive a more comprehensive understanding of a particular phenomenon or effect.