In a period of rising prices, which of the following inventory methods generally results in the lowest amount of net income?
A)Average cost method
B)LIFO method
C)FIFO method
D)Need more information to answer

Question

Quizplus · Accepted Answer

In a period of rising prices, the LIFO (Last-In, First-Out) method results in higher cost of goods sold and thus lower net income, as it assumes the most recently acquired, more expensive inventory is sold first.

In a Period of Rising Prices, Which of the Following