In Periods of Rising Purchase Prices and Increasing Inventory Quantities

question 31

Multiple Choice

In periods of rising purchase prices and increasing inventory quantities, LIFO results in a _____ than either FIFO or the weighted-average cost-flow assumption.

• A)higher cost of goods sold; lower reported periodic income; lower current income taxes
• B)lower cost of goods sold; lower reported periodic income; lower current income taxes
• C)higher cost of goods sold; higher reported periodic income; lower current income taxes
• D)higher cost of goods sold; higher reported periodic income; higher current income taxes
• E)a lower cost of goods sold; higher reported periodic income; higher current income taxes

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