A Firm Using FIFO Had a Beginning Inventory of $48,000

question 155

Multiple Choice

A firm using FIFO had a beginning inventory of $48,000, an ending inventory of $56,000, and a pretax income of $400,000.If it had used LIFO, its beginning inventory would have been $20,000, and its ending inventory would have been $16,000.From the information provided, one can conclude that:

• A)quantities increased and prices decreased.
• B)quantities decreased and prices increased.
• C)prices increased but we cannot conclude what happened to quantities.
• D)quantities decreased but we cannot conclude what happened to prices.
• E)not enough information to reach a conclusion.

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