Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valucd using the LIFO method? M7-8 LO 7.5 a. Prices decreased. b. Prices remained unchanged. c. Prices increascd. d. Price trend cannot be determined from information given.
Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valucd using the LIFO method? M7-8 LO 7.5 a. Prices decreased. b. Prices remained unchanged. c. Prices increascd. d. Price trend cannot be determined from information given.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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