Question
Which of the following situations would result in a LIFO liquidation for a company that has 200 units in beginning inventory and sales of 1,000
Which of the following situations would result in a LIFO liquidation for a company that has 200 units in beginning inventory and sales of 1,000 units? Multiple choice question.
A. The company purchases 1,000 units during the year.
B. The company purchases 950 units during the year. This is the correct answer
C. The company purchases 1,100 units during the year.
I'm hoping someone could explain why B is the correct answer. I'm sure it's easy but my textbook doesn't seem to provide a clear explanation.
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Mastering Auditing Essentials A Comprehensive Guide To Learn Auditing Essentials
Authors: Cybellium Ltd, Kris Hermans
1st Edition
B0CHL7H261, 979-8861235617
