Compare the Effects of the Different Costing Methods on the Financial

question 59

Multiple Choice

Compare the effects of the different costing methods on the financial statements
-In order to pay the least income tax possible in periods of constant costs, the company should use which of the following inventory costing methods?

• A) FIFO
• B) Perpetual
• C) Average cost
• D) Periodic
• E) Any method, as constant costs have no effect on net income or taxes for the period

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Definitions:

Financial Statements

A set of formal records that outline an entity's financial activities and condition, including the balance sheet, income statement, and cash flow statement.

Stock Market

A collection of markets and exchanges where the buying, selling, and issuance of shares of publicly-held companies occur.

Market-to-Book Value

A ratio used to compare a company's market value to its book value, indicating how much investors are willing to pay above or below the net asset value.

Financial Statements

Documents that present the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.