Which of the following statements is true?
A)When unit costs are steadily rising or falling,the weighted average cost method yields a cost of goods sold between that of FIFO and LIFO.
B)FIFO will lead to the highest net income if unit costs are falling.
C)LIFO will always yield a smaller net income than FIFO.
D)Specific identification is the most practical,but least accurate,measure of cost and net income.

Question

Quizplus · Accepted Answer

When unit costs are steadily rising or falling, the weighted average cost method typically results in a cost of goods sold that falls between the costs calculated using FIFO and LIFO methods.

Which of the Following Statements Is True