In a period of rising costs,the LIFO Reserve account would be deducted from the ending inventory under LIFO costing to convert it to ending inventory under FIFO costing.

Name: In a period of rising costs,the LIFO Reserve account would be deducted from the ending inventory under LIFO costing to convert it to ending inventory under FIFO costing.
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

LIFO's ending inventory is less than FIFO's ending inventory when prices are increasing. Therefore the LIFO Reserve would be added to the FIFO ending inventory.

In a Period of Rising Costs,the LIFO Reserve Account Would