In a Context of Rising Costs,income Reported Under FIFO Is

question 1

Multiple Choice

In a context of rising costs,income reported under FIFO is:

• A) Higher than under LIFO or WAC.
• B) Lower than under LIFO or WAC.
• C) The same as under LIFO or WAC.
• D) Sometimes higher,sometimes lower than under LIFO or WAC.