When prices are falling, the value of inventory using the LIFO method rather than FIFO gives:
A) inventory a higher value but lowers net income.
B) inventory a lower value and also lowers net income.
C) both inventory and net income a higher value.
D) inventory a lower value and net income a higher value.

Question

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The Answer of When prices are falling, the value of inventory using the LIFO method rather than FIFO gives:
A) inventory a higher value but lowers net income.
B) inventory a lower value and also lowers net income.
C) both inventory and net income a higher value.
D) inventory a lower value and net income a higher value.

When Prices Are Falling, the Value of Inventory Using the LIFO