For a Firm Using LIFO,the Numerator of the Inventory Turnover

question 94

Multiple Choice

For a firm using LIFO,the numerator of the inventory turnover ratio is predominantly current period costs

• A)and the denominator consists of old LIFO costs.
• B)thus it must be adjusted to conform to the old LIFO costs in the denominator.
• C)thus the denominator must be adjusted by adding the LIFO reserve to ending inventory.
• D)thus the denominator must be adjusted by subtracting the LIFO reserve from both beginning and ending inventory.

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