Assuming purchase costs are declining and a periodic inventory system is used, determine the statements below which correctly describe what is happening to cost of goods sold under FIFO, LIFO and weighted average cost flow methods.
a. In a situation where prices are declining, companies using LIFO will report the smallest cost of goods sold. b. Companies using FIFO will report the smallest cost of goods sold (compared to companies using LIFO or weighted average.)c. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold. d. Companies using LIFO will pay higher taxes than companies using FIFO, assuming all else being equal. e. Companies using FIFO will report the highest gross profit and net income. f. Companies using LIFO will report the highest ending inventory on their balance sheets (as compared to companies using FIFO or weighted average,)
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Assuming purchase costs are declining and a periodic inventory system is used, determine the stateme...
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