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Jamison Corporation's Inventory Cost on Its Statement of Financial Position

Question 32

Multiple Choice

Jamison Corporation's inventory cost on its statement of financial position was lower using first-in, first-out than last-in, first-out. Assuming no beginning inventory, what direction did the cost of purchases move during the period?


A) Up
B) Down
C) Steady
D) Cannot be determined

Correct Answer:

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