Fifo cost flow assumption , Accounting Basics

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1.  Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE

a.   Income tax expenses will be higher than under LIFO

b.   Gross Margin will be higher than under LIFO

c.   Ending Inventory will be lower than under LIFO

d.   Cost of goods sold will be lower than under LIFO

e.   All of the above

Yoakum Company reported the following information related to inventory and sales:

Units                                                     Unit Cost

Beginning Inventory                                       1,000                                                     $20

Purchase No.1                                               7,000                                                       22

Purchase No. 2                                              7,000                                                       23

Sales - 7,000 units at $38 per unit

 


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