Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 51

If costs are rising, which of the following will be true
A) The cost of goods sold will be greater if LIFO is used rather than weighted average.
B) The cost of ending inventory will be greater if FIFO is used rather than LIFO.
C) The gross profit will be greater if FIFO is used rather than LIFO.
D) All of the above are true.