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Which one of the following is true when cost is declining?

A)   FIFO will result in a lower cost of goods sold & higher income than LIFO

B)    LIFO will result in a lower cost of goods sold & higher income than FIFO

C)    LIFO provides a lower ending inventory in the balance sheet

D)   A and C

E)  None

Accounting Cost Accounting Financial Accounting Financial Analysis
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Question added by Ahmed Abdi Mahad , Director of Internal Auditing Directorate , Jigjiga University
Date Posted: 2015/05/08
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Ahmed kandil
by Ahmed kandil , Cost Controller , Battour Holding Cpompany

Answer ( B) is the correct answer

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