When Inventory Prices Are Falling, the LIFO Costing Method Will

question 23

Multiple Choice

When inventory prices are falling, the LIFO costing method will generally result in a:

• A)lower owners' equity balance than under FIFO.
• B)lower inventory value than under FIFO.
• C)higher gross profit than under FIFO.
• D)lower gross profit than under FIFO.

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