[Q5]

(TCO F)Which of the following is not a common characteristic of a company choosing to use LIFO rather than FIFO?

Group of answer choices

a. Larger inventory balances

b. Highervariability in inventory balances

c. Greater expected tax savings

d. Larger in size

[Q6]

(TCO F) Which of the following would not be classified as a current asset?

Group of answer choices

a. Inventory

b. Accounts payable

c. Accounts receivable

d. Prepaid expenses