Ifthecosttopurchaseaunitofinventorydoesnotchange,endinginventory:
A. willbethehighestunderFIFO.
B. willbethehighestunderLIFO.
C. cannotbecomputedusingtheaverage-costmethod.
D. willbethesameunderLIFOandFIFO.
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Decidingonwhichinventorymethodacompanyshoulduseaffects:
A. theprofitstobereported.
B. theincometaxestobepaid.
C. thevaluesofratiosreportedfromthebalancesheet.
D. alloftheabove.
TodeterminecostofgoodssoldundertheFIFOmethod:
A. thefirstcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
B. thelastcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
C. theaveragecostoftheinventorymustbedetermined.
D. thecompanymustfirstdeterminethespecificunitssold.
TheuseoftheFIFOmethodgenerallyincreasestaxableincome:
A. whenpricesareconstant.
B. whenpricesaredeclining.
C. whenpricesareincreasing.
D. underallcircumstances.
WhichofthefollowingistrueregardingtheLIFOmethodofinventorycosting?
AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes.
B. VeryfewU.S.companiesusetheLIFOmethod.
C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease.
D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.
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