Multiple Choice
When a firm uses the LIFO inventory cost flow assumption:
A) cost of goods sold will be greater than if FIFO were used.
B) net income will be greater than if FIFO were used.
C) cost of goods sold will be the same as if FIFO were used.
D) better matching of revenue and expense is achieved than under FIFO.
Correct Answer:
Verified
Correct Answer:
Verified
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