During a Period of Falling Prices, Which of the Following

question 143

Multiple Choice

During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory.

• A) average method
• B) LIFO method
• C) FIFO method
• D) can not tell without more information

Understand the impact of genuine agreement on the enforceability of a contract.

Identify and distinguish between unilateral and bilateral mistakes in contracts.

Recognize the role of misrepresentation and fraud in undermining the validity of a contract.

Understand the concept of material facts and their significance in contract law.

---

Definitions:

Bridge

A structure built to span a physical obstacle, such as a body of water or road, to provide passage over it.

Immaculate Reception

A famous play in American football history during a 1972 playoff game, involving a last-second catch by Franco Harris of the Pittsburgh Steelers.

Franco Harris

A former professional American football player, best known as a Hall of Fame running back for the Pittsburgh Steelers.

Terry Bradshaw

A former American football quarterback who played professionally in the National Football League (NFL).