Tanner Corporation's inventory on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
A) Up
B) Down
C) Steady
D) Cannot be determined

Question

Quizplus · Accepted Answer

The Answer of Tanner Corporation's inventory on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
A) Up
B) Down
C) Steady
D) Cannot be determined

Tanner Corporation's Inventory on Its Balance Sheet Was Lower Using