When Comparing the Results of LIFO and FIFO When Inventory

question 163

Multiple Choice

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

• A)cost of goods sold will be lower using FIFO.
• B)ending inventory will be higher using FIFO.
• C)cost of goods sold will be higher using LIFO.
• D)ending inventory will be higher using LIFO.

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Definitions:

Benefit Corporation

A type of for-profit corporate entity that includes positive impact on society, workers, the community and the environment in addition to profit as its legally defined goals.

Differences

Variations or distinctions between two or more entities, items, or concepts.

National Labor Relations Act

A foundational statute in United States labor law that guarantees the rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

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The process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions, salaries, and other aspects of workers' compensation and rights.