Solution-Which statement about the use of fifo assumption

Which statement about the use of fifo assumption is not true

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Reference no: EM132967583

Problem 1: Which of the following statements about the use of the FIFO assumption is NOT true?

a. The FIFO assumption assigns the more recent purchase costs to the balance sheet inventory asset account.

b. The FIFO assumption is not affected by the inventory control method.

c. In periods of rising prices it produces a higher profit than LIFO.

d. The FIFO assumption produces inventory asset values that are based on older purchase costs.

Reference no: EM132967583

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Which statement about the use of fifo assumption is not true

Reference no: EM132967583

Reference no: EM132967583

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