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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