During a period of rising inventory prices, the amount of ending inventory reported on the balance sheet will be lower using the LIFO cost flow method than with FIFO.
Answer the following statement true (T) or false (F)
True
During a period of rising inventory prices, ending inventory will include the lower, older prices when using LIFO.
You might also like to view...
Which of the following will not cause a trial balance to be out of balance?
A) The balance for the account is incorrectly computed. B) A debit entry is posted as a credit. C) A credit entry is posted to the wrong account, but still as a credit. D) An account is accidentally omitted from the trial balance.
When evaluating the alternatives, the buyer rates and eventually ranks the brands in the consideration set.
Answer the following statement true (T) or false (F)
Zero coupon bonds have which of the following features?
A) annual interest payments B) semi-annual interest payments C) no interest payments D) Any of the above may apply.
Sassy's Sweets Shoppe has a checking account that earns interest. The current bank statement shows interest earned of $19.13. This amount should be:
A) added to Sassy's book balance. B) subtracted from Sassy's book balance. C) ignored, as the bank has added it to Sassy's book balance. D) subtracted from Sassy's bank balance.