Assuming Prices Are Decreasing,the First-In-First-Out Approach to Inventory Valuation,compared to the Average

question 10

Multiple Choice

Assuming prices are decreasing,the first-in-first-out approach to inventory valuation,compared to the average cost approach,will give:

• A) a higher profit and a higher closing inventory
• B) a higher profit and a lower closing inventory
• C) a lower profit and a higher closing inventory
• D) a lower profit and a lower closing inventory

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