Financial Statement Effects of Inventory Costing Methods Video Lessons

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Problem: In periods of inflation, the use of FIFO (as opposed to LIFO) would cause: a. Net Income to be lower b. Purchases to be higher c. Cost of Goods sold to be the same as LIFO d. Inventory to be higher e. Sales Revenue to be higher

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Problem Details

In periods of inflation, the use of FIFO (as opposed to LIFO) would cause:

a. Net Income to be lower

b. Purchases to be higher

c. Cost of Goods sold to be the same as LIFO

d. Inventory to be higher

e. Sales Revenue to be higher

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