Which of the Following Statements Is Correct

question 214

Multiple Choice

Which of the following statements is correct?

• A)Specific identification is the most practical,but least accurate,measure of cost and net income.
• B)When unit costs are increasing,the weighted average cost method yields a cost of goods sold between that of FIFO and LIFO.
• C)FIFO will lead to the highest net income if unit costs are falling.
• D)LIFO will always yield a smaller net income than FIFO.

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