During Periods of Rising Inventory Values,a Retailer Using the FIFO

question 68

Multiple Choice

During periods of rising inventory values,a retailer using the FIFO (first-in-first-out) method could reduce its tax liability by ________.

• A) estimating low deductions from retail value
• B) using the cost method of retail accounting
• C) switching from FIFO to the LIFO method of inventory valuation
• D) using a low-cost complement

---

Definitions:

Gluc/o

A word root used in the medical field to refer to sugar, particularly glucose, which is a primary source of energy for the body's cells.

Parathyroid Glands

Small endocrine glands located in the neck behind the thyroid, which regulate calcium levels in the blood and bone metabolism.

Thyroid Gland

An endocrine gland in the neck that produces hormones regulating the body's metabolic rate, heart and digestive function, muscle control, brain development, and bone maintenance.

Poison

A substance that is capable of causing illness or death when introduced into the body.