Las Vegas Plc Sells Second Hand Luxury Cars of Various

question 47

Multiple Choice

Las Vegas Plc sells second hand luxury cars of various makes and models,and uses the FIFO cost flow assumption to ascertain the cost of ending inventory.This would be incorrect because:

• A)this is not the practice used by other car dealerships.
• B)this method will overstate profit.
• C)this method will not capture unique characteristics of items held in inventory.
• D)this method requires detailed bookkeeping.

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