Which of the Following Inventory Valuation Methods Minimizes Income Tax

question 12

Multiple Choice

Which of the following inventory valuation methods minimizes income tax expense during a period of rising inventory costs?

• A) first-in, first-out
• B) last-in, first-out
• C) weighted-average
• D) specific identification

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Definitions:

Herb Brooks

An American ice hockey player and coach, best known for coaching the 1980 U.S. Olympic hockey team to a gold medal victory.

Cohesiveness

The degree to which members of a group are attracted to and motivated to remain part of that group.

U.S. Olympic Hockey Team

A team composed of amateur and collegiate players representing the United States in men's ice hockey at the Olympic Games.

Successive-Stage Theories

Theories that explain development, learning, or processes as occurring through distinct and sequential phases.