The Following Data Was Collected from the Accounting Records of Ambrose

question 40

Multiple Choice

The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory. What would have been the difference in Ambrose's ending inventory under the LIFO costing method?

• A)Ending inventory is the same under both methods.
• B)Ending inventory would have been $120 higher.
• C)Ending inventory would have been $120 lower.
• D)The difference cannot be determined using this information.

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Definitions:

TON Timer

In PLC programming, it stands for "Timer On Delay", which starts timing when the input condition becomes true and triggers an output after a set time period has elapsed.

Accumulated Time

The total amount of time collected or summed up over a period, often used in scheduling or process control scenarios.

Retentive Timer

A type of timer that keeps track of the accumulated time across power cycles or resets.