If a Firm Changes Its Inventory Method from FIFO to LIFO

question 17

Multiple Choice

If a firm changes its inventory method from FIFO to LIFO just prior to a period of rising prices,the effect in the next period will be Current Ratio Inventory Turnover

• A) No effect Increase
• B) No effect Decrease
• C) Increase Decrease
• D) Decrease Increase

---

Definitions:

Chromaffin

Cells located in the adrenal medulla that release adrenaline and noradrenaline in response to stress.

Mutations

Changes in the DNA sequence of an organism's genome, which can lead to variations in physical appearance, function, or behavior, potentially influencing the organism's ability to survive and reproduce.

Deoxyribonucleic Acid (DNA)

The molecular carrier of genetic information in almost all living organisms, consisting of two long chains of nucleotides twisted into a double helix.

Adenine

A purine nucleobase used in forming nucleotides of the DNA and RNA, and plays a vital role in energy transfer within cells.