Q7. Pischke Motors provided you with the following financials: - Beginning LIFO reserve $2,484.
- Cost of goods sold (COGS) using LIFO $3,988.
- COGS using FIFO $2,004.
What is the ending LIFO reserve? A) $4,468. B) $1,984. C) $500.
Q8. Under last in first out (LIFO) accounting during periods of inflation, when a firm sells a greater quantity of its inventory than it produces or acquires, the result is: A) an understatement of the cost of goods sold (COGS). B) an increase in the LIFO reserve. C) lower earnings.
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发表于 2009-1-19 10:03
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