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December 20, 2014

Homework Help: Finance

Posted by Monty Douglas on Friday, January 21, 2011 at 8:59pm.

For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies.
a. In a period of rising prices, net income would be highest.
b. In a period of rising prices, cost of goods sold would be highest.
c. In a period or rising prices, ending inventory would be highest.
d. Ina period of falling prices, net income would be highest.
e. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold.

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