Multiple Choice
Because LIFO uses older costs for inventory,in times of rising prices:
A) LIFO results in a higher book value of inventory and lower inventory turnover ratio than FIFO.
B) LIFO results in a lower book value of inventory and lower inventory turnover ratio than FIFO.
C) LIFO results in a higher book value of inventory and higher inventory turnover ratio than FIFO.
D) LIFO results in a lower book value of inventory and higher inventory turnover ratio than FIFO.
Correct Answer:
Verified
Correct Answer:
Verified
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