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How the inventory costing method shows cost of goods sold

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Reference no: EM132569595

Question 1: This inventory costing method shows cost of goods sold on the income statement at the most current inventory costs during a period of inflation

A: FIFO

B: LIFO

C: weighted average

D: all methods would show the same amount

Question 2: This inventory costing method results in the highest amount of income tax expense reported on the income statement during a period of deflation

A: FIFO

B: LIFO

C: weighted average

D: all methods would show the same amount

Question 3: This inventory costing method results in the highest amount of ending inventory during a period of deflation

A: FIFO

B: LIFO

C: weighted average

D: all methods would show the same amount

Question 4: This inventory costing method would report the highest amount of gross profit on the income statement during a period of inflation

A: FIFO

B: LIFO

C:weighted average

D:all methods would show the same amount

Reference no: EM132569595

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