Understanding FIFO and LIFO

1) Whk* Of the state-ntents me LIFO cost tbw i4PtS) a. LIFO yields a net *Icome than FIFO ard averaging in a ot prices O b- LIFO provides a matching Of current cnstS exwl_ LIFO a ot than in Of Ming O d. LIFO b4eids a lower etng inventory than costing methods. in e. LIFO puts the costs into cost of goods sold. 2) Which Of the tolbwing Statements is a. The FIFO assumption more in line with the matching O b, In tunes, LIFO assumwmn is associated vath a O c. FIFO assumption is onen used to reduce tax costs. d. Tho rnethod assumes rnost recent costs are first to mst sold e, dentification its 3) a Ot yies a ot that a- by FIFO LIPO. b. greater than the amot_mt UFO. c. man by FIFO. O d. yielded t" Fl FO_ the yielded by LIFO a) Which ot the asumes that the rnost are Krst to cost i 41 O O, amaging