Question
9. A company decided to change its inventory valuation method from FIFO to LIFO in a period of falling prices. What would be the result
9. A company decided to change its inventory valuation method from FIFO to LIFO in a period of falling prices. What would be the result of the change on ending inventory and cost of goods sold in the year of change
Ending inventory Cost of goods sold
a. Increase Increase
b. Increase Decrease
c. Decrease Decrease
d. Decrease Increase
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Financial Accounting
Authors: David Spiceland
6th Edition
1265889716, 978-1265889715
