The Following Data Was Collected from the Accounting Records of Ambrose

question 106

Multiple Choice

The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory. What would have been the difference in Ambrose's ending inventory under the LIFO costing method?

• A)Ending inventory would have been $120 higher.
• B)Ending inventory would have been $120 lower.
• C)Ending inventory is the same under both methods.
• D)The difference cannot be determined using this information.

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