Multiple Choice
One disadvantage of the LIFO method is that:
A) an equal cost is assigned to each unit,so net income does not fluctuate as much as with other methods.
B) flow of goods and flow of costs are the same.
C) it matches current selling prices and current costs.
D) ending inventory is valued at very old costs.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: When merchandise is sold, the periodic inventory
Q100: The inventory method that matches most recently
Q106: The freight paid on goods purchased F.O.B.shipping
Q107: Hard Candy has a beginning inventory of
Q108: Hall Novelty Shop uses a periodic
Q109: An overstated cost of goods sold of
Q113: If a mistake is made in calculating
Q115: St.Paul Corporation had a beginning inventory of
Q116: Barry's Books uses a periodic inventory
Q123: When using a periodic inventory system, a