One of the principal reasons for selecting the LIFO cost flow assumption instead of the FIFO cost flow assumption in an inflationary economic environment is that: A. net income will be higher.
B. income taxes will be lower.
C. balance sheet inventory values will be higher.
D. a higher selling price can be established.

Answer rating: 100% (QA)

SOLUTION Net income will be higher income taxes will be ... View the full answer