Which of the Following Statements Is Incorrect When Inventory Unit

question 108

Multiple Choice

Which of the following statements is incorrect when inventory unit costs are increasing?

• A)LIFO's cost of goods sold will be the largest among the inventory costing methods.
• B)LIFO's income tax will be the lowest among the inventory costing methods.
• C)Ending inventory using the average cost method will be larger than the ending inventory when the LIFO method is used.
• D)Cost of goods sold using the average cost method will be less than cost of goods sold when the FIFO method is useD.FIFO has the lowest cost of goods sold during a period of increasing unit costs.

---

Definitions:

Social Justice

A concept focused on promoting fairness and equity within a society, addressing issues of inequality and discrimination.

Societal Responsibility

The duty of individuals and organizations to act in ways that benefit society as a whole.

Fairness

The quality of making judgments that are free from discrimination or dishonesty, ensuring impartial and equitable treatment for all.

Home Bound

A situation where a person is unable to leave their home without assistance due to underlying health conditions or physical limitations.