10 questions

Question 1 Inventory is classified as a(n) O current liability on the balance sheet 1 pts investment or a current asset on the balance sheet O current asset on the balance sheet O fixed asset on the balance sheet Question 2 1 pts If a company uses LIFO and prices are rising, large purchases of inventory near the end of the year will O reduce the gross profit O increase income taxes paid O have no effect on the amount of cost of goods sold O reduce cost of goods sold