When Inventory Costs Are Increasing,the FIFO Costing Method Will Generally

question 120

Multiple Choice

When inventory costs are increasing,the FIFO costing method will generally yield a cost of goods sold that is:

• A)higher than cost of goods sold under the LIFO method.
• B)lower than cost of goods sold under the LIFO method.
• C)equal to the gross profit under the LIFO method.
• D)equal to cost of goods sold under the LIFO method.

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