Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 16

If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or weighted average cost-will yield (a) the highest inventory cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the lowest gross profit