Identify Which Inventory Costing Method (LIFO or FIFO) Achieves the Effect

question 32

Multiple Choice

Identify which inventory costing method (LIFO or FIFO) achieves the effect listed in the following items:
-Prices are declining; income taxes are higher with this method.

• A)LIFO
• B)FIFO

Comprehend the importance of Quality and Safety Education for Nurses (QSEN) competencies in improving care quality.

Acknowledge the impact of external forces such as healthcare reform, demographics, and emergencies on nursing practice.

Understand the importance of continuing education and training in enhancing nursing practice and patient care.

Realize the importance and attributes of a profession including extended education and a theoretical body of knowledge.

---

Definitions:

Semi-Annually Compounded

The process of calculating interest on a principal amount twice a year, with each compounding period leading to the addition of earned interest to the principal for future calculations.

Compounded Monthly

The practice of adding interest to the principal sum of a loan or deposit, with this process occurring every month.

Quarterly Compounding

The process of generating earnings on an investment's reinvested earnings four times a year.

Annual Rate of Increase

The percentage by which a specific variable, such as salary or investment, grows each year.