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:

Irritable

Experiencing or showing a tendency to be easily annoyed or made angry.

Stranger Wariness

A developmental phase in infants and young children where they become cautious and sometimes fearful around unfamiliar people.

Stranger Wariness

Stranger wariness is the caution or distress that babies or young children exhibit when approached or picked up by someone unfamiliar.

Self-soothe

The ability of an individual to calm oneself down and regulate one's own emotions without relying on external assistance.