The Wheat Company Has Used the LIFO Method for Inventory

question 156

Multiple Choice

The Wheat Company has used the LIFO method for inventory valuation since the start of business 15 years ago.The current year ending inventory is $375,000.If the FIFO method of inventory had been used,the inventory would be $450,000.If Wheat Company had used the FIFO inventory method,income before income taxes would have been

• A)$75,000 higher over the 15 year period.
• B)$75,000 lower over the 15 year period.
• C)$75,000 higher in the current year.
• D)$75,000 lower in the current year.

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Prejudice And Discrimination

The unjust or negative attitudes and behaviors directed toward individuals or groups based on preconceived notions rather than actual merit or factual evidence.

Racial Group

A group of people identified or classified together on the basis of common ancestry, national origin, or distinctive physical traits.

Racism

Prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.

Recycling Program

A coordinated effort to collect, process, and repurpose waste materials into new products, reducing the need for raw materials and minimizing environmental impact.