During periods of inflation, the use of FIFO (rather than LIFO) as the method of accounting for inventories causes:
a. higher inventory turnover
b higher incomes taxes
c. lower ending inventory
d. Higher sales
Answer: B
During periods of inflation, the use of FIFO (rather than LIFO) as the method of accounting for inventories causes:
a. higher inventory turnover
b higher incomes taxes
c. lower ending inventory
d. Higher sales
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