1For the revenue process which of the following document sequences is correct?

Customer order, sales order, packing slip, bill of lading

Sales order, packing slip, customer order, bill of lading

Customer order, bill or lading, sales order, packing slip

Customer order, packing slip, sales order, bill of lading

2

During the current year, ending inventory was higher under the LIFO method than under the FIFO method. Which of the following statements about price changes is true?

Prices were unchanged.

Prices were increasing.

Unable to determine from the information given

Prices were decreasing.

3

In times of rising prices, ______ generally result(s) in the ______ cost of goods sold.

FIFO, higher

FIFO, lower

LIFO, lower

LIFO and FIFO, same