During periods when costs are rising and inventory quantities are stable, cost of goods sold will be: Multiple Choice О Lower under average cost than LIFO. Higher under FIFO than average cost. О Lower under LIFO than FIFO. Higher under FIFO than LIFO.
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- When would using the FIFO inventory costing method produce higher inventory account balances than the LIFO method would? A. inflationary times B. deflationary times C. always D. neverDuring a period of rising inventory prices the LIFO cost flow method will result in higher total assets than FIFO. True or False True FalseGross profit will be the: A. highest if LIFO is used and inventory costs are decreasing. B. highest if FIFO is used and inventory costs are increasing. C. lowest if LIFO is used and inventory costs are increasing. D. all of the above
- In times of decreasing prices, LIFO will result in ____ costs of goods sold and _____ ending inventory than FIFO. Group of answer choices: Lower, Lower Lower, Higher Higher, Lower Higher, HigherIf prices are rising, which inventory cost flow method will produce the lowest amount of cost of goods sold? Multiple Choice Weighted average. LIFO, FIFO, and the weighted-average inventory cost flow methods will all produce equal amounts of cost of goods sold. FIFO. LIFO.When inventory unit costs are increasing: Group of answer choices a)FIFO will result in higher ending inventory than will LIFO b)LIFO will result in higher ending inventory than will FIFO c)FIFO will result in higher cost of goods sold than will LIFO d)FIFO will result in higher net income and lower ending inventory than LIFO
- When purchase prices are rising, which of the following statements is true? a.LIFO produces a higher cost of goods sold than FIFO. b.LIFO produces a higher cost for ending inventory than FIFO. c.FIFO produces a lower amount for net income than LIFO. d.Weighted average cost produces a higher net income than FIFO or LIFO.If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income? Select one: a. average cost. b. LIFO. c. FIFO. d. weighted average. e. All methods will result in the same figure of net income.If costs are rising, which of the following will be true?a. The cost of goods sold will be greater if LIFO is usedrather than weighted average.b. The cost of ending inventory will be greater if FIFO isused rather than LIFO.c. The gross profit will be greater if FIFO is used ratherthan LIFO.d. All of the above are true
- Which of the following statements is NOT true of Economic Order Quantity? O A. The economic order quantity mathematically determines the minimum total inventory cost B. The EOQ is directly proportional to the sales per period O C. The optimal order size is determined by the EOQ model D. The EOQ ignores inventory reorder costs and inventory carrying costsIdentify that if prices are rising, which inventory cost flow method will produce the highest amount of ending inventory? A. Weighted average B. LIFO C. FIFO S. LIFO, FIFO, and weighted average will all produce the same amount of cost of goods sold.During a period of rising inventory prices, a company's cost of goods sold would be higher using the LIFO cost flow method than with FIFO. True or False True False