When Costs to Purchase Inventory Are Decreasing,using LIFO Leads to Reporting

question 72

Multiple Choice

When costs to purchase inventory are decreasing,using LIFO leads to reporting ________ cost of goods sold and ________ net income than FIFO.

• A)lower;higher
• B)higher;higher
• C)lower;lower
• D)higher,lower

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Definitions:

Hippocampus

A critical brain structure located in the temporal lobe, involved in the formation of new memories and connected to learning and emotions.

Cerebral Cortex

The outer layer of the cerebrum, involved in complex brain functions such as thought, language, and consciousness.

Medulla

Refers to the medulla oblongata, the lower portion of the brainstem, which controls vital body functions such as breathing and heart rate.

Cerebellum

A region of the brain that plays an important role in motor control, and may also be involved in some cognitive functions such as attention and language.