At a time of declining prices,which cost flow assumption will result in the highest ending inventory?
A)Weighted average
B)FIFO
C)LIFO
D)Either weighted average or FIFO

Question

Quizplus · Accepted Answer

In a period of declining prices, LIFO (Last In, First Out) will result in the highest ending inventory because the older, higher-cost inventory remains on the balance sheet.

At a Time of Declining Prices,which Cost Flow Assumption Will