If Cost of Goods Sold Under FIFO Was $8,000 and Was

question 194

Multiple Choice

If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO,assuming a tax rate of 40%,how much tax savings resulted from using LIFO?

• A)There would be no tax savings.
• B)$ 800
• C)$ 1,200
• D)$ 2,000

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Definitions:

Auditory Stimuli

Sounds that trigger a response in the listener, processed by the auditory system.

Flashbulb Memory

A highly detailed and vivid memory of a momentous event, often retaining its clarity despite the passage of time.

Long-Term Memory

Long-term memory refers to the phase of the memory process that is capable of storing information over extended periods, from days to years, and potentially lifetimes.

Long-Term Potentiation

A long-lasting enhancement in signal transmission between two neurons that results from stimulating them simultaneously, an underlying mechanism for learning and memory.