Question 18 2 pts Using the FIFO method results in O higher income taxes in periods of inflation 0 a more current cost of goods sold O lower income taxes during periods of inflation lower net income during periods of inflation Question 19 2 pts When merchandised costs are increasing, which inventory method will produce the lowest gross profit LIFO D Weighted Average ) FIFO D Not able to determine D Question 20 2 pts Smith Sons reports the following data at year end Net Sales $100,000 Cost of Goods Sold $60,000 Net Income $20,000 What is their gross profit percentage o 80 o 40 6096 020

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Question 18 2 pts Using the FIFO method results in O higher income taxes in periods of inflation 0 a more current cost of goods sold  O lower income taxes during periods of inflation lower net income during periods of inflation Question 19 2 pts When merchandised costs are increasing, which inventory method will produce the lowest gross profit  LIFO D Weighted Average ) FIFO D Not able to determine D Question 20 2 pts Smith   Sons reports the following data at year end Net Sales $100,000 Cost of Goods Sold $60,000 Net Income $20,000 What is their gross profit percentage  o 80  o 40  6096 020

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Question 18 2 pts Using the FIFO method results in O higher income taxes in periods of inflation 0 a more current cost of goods

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