1. A LIFO liquidation is likely to lead to:

1. Lower tax payments than expected
2. Higher CGS Expense than budgeted
3. An irate company Treasurer
4. A bonus for the inventory manager

2. You would see Work-in-Process Inventory on the balance sheet of:

1. Ford Motor Company
2. Target
3. J. C. Penney
4. KPMG, LLP

3. Inventory is almost always:

1. a noncurrent asset
2. obsolete
3. a current asset
4. a current liability