In periods of falling purchase prices and increasing inventory quantities, LIFO results in a _____ than either FIFO or the weighted-average cost-flow assumption.
A)higher cost of goods sold; lower reported periodic income; lower current income taxes
B)lower cost of goods sold; lower reported periodic income; lower current income taxes
C)higher cost of goods sold; higher reported periodic income; lower current income taxes
D)higher cost of goods sold; higher reported periodic income; higher current income taxes
E)a lower cost of goods sold; higher reported periodic income; higher current income taxes

Question

Quizplus · Accepted Answer

The Answer of In periods of falling purchase prices and increasing inventory quantities, LIFO results in a _____ than either FIFO or the weighted-average cost-flow assumption.
A)higher cost of goods sold; lower reported periodic income; lower current income taxes
B)lower cost of goods sold; lower reported periodic income; lower current income taxes
C)higher cost of goods sold; higher reported periodic income; lower current income taxes
D)higher cost of goods sold; higher reported periodic income; higher current income taxes
E)a lower cost of goods sold; higher reported periodic income; higher current income taxes

In Periods of Falling Purchase Prices and Increasing Inventory Quantities