is this an error, question 58, vol I, exam 3 aft session?
Periods of rising prices and stable increasing inventory quantities, compared with companies that use FIFO inventory accounting, companies that use the LIFO method will have:
A. higher COGS and lower taxes
B. higher net inc and higher taxes
C. lower inventory balances and lower working capital
I chose A, answer is B
thanks and apologies if this was already addressed |