Comparing Inventory Methods

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.

In each dropdown that follows, select the correct sign [less than ( <), greater than (> ), or equal (=)] for each comparison, assuming periods of rising prices.

1. FIFO inventory	>	LIFO inventory
2. FIFO cost of goods sold		LIFO cost of goods sold
3. FIFO net income		LIFO net income
4. FIFO income taxes		LIFO income taxes