In time of rising prices, LIFO will produce:

a.Higher net income than FIFO

b.The same net income as FIFO

c.Higher net income than Average Cost

d.Lower net income than FIFO

A trainer is planning on taking 4 horses to a horse show for the weekend. At the last minute, a fifth horse is added to the group of horses. The additional cost associated with the fifth horse is called the:

a.Added cost

b.Variable cost

c.Marginal cost

d.Supplemental cost