KEY: 1 = More true of LIFO inventory 2 = More true of FIFO inventory 3 = Not mor

Question

KEY: 1 = More true of LIFO inventory
2 = More true of FIFO inventory
3 = Not more true of either LIFO or FIFO inventory

Required: Assuming rising inventory prices, indicate whether the following statements are more true of a LIFO inventory, a FIFO inventory, or are not more true of one of these inventory methods over the other.

_____ a. It, at times, results in a company having poor buying habits.
_____ b. It will result in merchandise inventory being undervalued on the balance sheet.
_____ c. It is more likely to result in

Explanation / Answer

a is correct

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