When Comparing the Results of LIFO and FIFO When Inventory

question 49

Multiple Choice

When comparing the results of LIFO and FIFO when inventory costs are decreasing:

• A)cost of goods sold will be the lowest using FIFO.
• B)ending inventory will be the highest using FIFO.
• C)cost of goods sold will be the highest using LIFO.
• D)ending inventory will be the highest using LIFO.

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Definitions:

Stimulants

Drugs that have activating or excitatory effects on brain or bodily functions.

Alcohol

A psychoactive substance commonly found in beverages such as beer, wine, and spirits, known for its depressant effects on the central nervous system.

Depressant

A category of psychoactive drugs that reduce arousal and stimulation, affecting the central nervous system to slow down bodily functions.

Nervous System

A complex network of nerves and cells that transmit signals between different parts of the body, coordinating its actions and sensory information.