37 matches A LIFO reserve represents the amount by which cost of goods sold on a FIFO basis exceeds the cost of goods sold on a LIFO basis for the current year. True False Question 14 0.1 pts The journal entry to write down inventory to its market value results in a loss on the income statement. True False Question 15 0.1 pts Cost of goods sold represents an outflow of an asset, inventory, from the sale of products. True False