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The Following Data Was Collected from the Accounting Records of Ambrose

Question 40

Multiple Choice

The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory. What would have been the difference in Ambrose's ending inventory under the LIFO costing method?
The following data was collected from the accounting records of Ambrose, Inc., which currently uses the FIFO method of valuing inventory. What would have been the difference in Ambrose's ending inventory under the LIFO costing method? A) Ending inventory is the same under both methods. B) Ending inventory would have been $120 higher. C) Ending inventory would have been $120 lower. D) The difference cannot be determined using this information.


A) Ending inventory is the same under both methods.
B) Ending inventory would have been $120 higher.
C) Ending inventory would have been $120 lower.
D) The difference cannot be determined using this information.

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