Question

Required
For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies:
a. In a period of falling prices, net income would be highest.
b. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold.
c. In a period of rising prices, net income would be highest.
d. In a period of rising prices, cost of goods sold would be highest.
e. In a period of rising prices, ending inventory would be highest.


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  • CreatedApril 20, 2015
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