Question: 8. Which inventory cost flow assumption does PVH use to value inventories in North America? a. FIFO b. LIFO c. Weighted Average Cost d. Specific

8. Which inventory cost flow assumption does PVH use to value inventories in North America? a. FIFO b. LIFO c. Weighted Average Cost d. Specific Identification 9. What is the most likely reason that PVH chose this inventory cost flow assumption (given rising price trend)? a. To pay less taxes. b. To report higher Net Income on its Income Statement. c. To report higher Total Assets on its Balance Sheet. d. Both b and c are true. 10. Which of the following statements is TRUE regarding PVH's Income Statement? a. Fiscal year 2021 COGS > Fiscal year 2020 COGS. b. Fiscal year 2020 Gross Profit > Fiscal year 2019 Gross Profit. c. Fiscal year 201 Gross Profit < Fiscal year 2020 Gross Profit. d. Fiscal year 2021 Operating Income> Fiscal year 2020 Operating Income. e. Both a and d are true

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