Which of the Following Statements Is Correct When Inventory Unit

question 80

Multiple Choice

Which of the following statements is correct when inventory unit costs are decreasing?

• A)FIFO'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 FIFO cost method will be higher 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 LIFO method is useD.FIFO has the largest cost of goods sold during a period of decreasing unit costs.

Understand the nature and classification of liabilities.

Identify the types of forms and taxes related to payroll.

Recognize the accounting treatment for payroll taxes and withholdings.

Distinguish between different types of notes payable.

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