Assuming Rising Inventory Prices, Which Statement Is Correct

question 56

Multiple Choice

Assuming rising inventory prices, which statement is correct?

• A) FIFO reports a lower profit than other methods.
• B) FIFO reports a lower value for cost of sales than other methods.
• C) FIFO reports a lower value for closing inventory than other methods.
• D) Using FIFO, it is not possible to calculate whether cost of sales/inventory is lower or higher than it would be if other assumptions about inventory valuation were made.

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Definitions:

Recognition

The process through which an entity is identified or acknowledged for what it is based on certain characteristics or by comparison with known entities.

State Finals

The ultimate or final competition or exam at the state level in various contexts such as sports, academics, or other competitive fields.

Self-actualization

Fulfilling one's inherent capabilities and talents, perceived as an essential aspiration or imperative present in everybody.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated to fulfill basic needs before moving on to other needs, culminating in self-actualization.