A company has been using the FIFO cost method of inventory valuation since it was started 10 years ago. Its 2014 ending inventory was $180,000, but it would have been $130,000 if LIFO had been used. Thus, if LIFO had been used, this company's income before taxes would have been
A) $50,000 less in 2014.
B) $50,000 less over the 10-year period.
C) $50,000 greater over the 10-year period.
D) $50,000 greater in 2014.

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The Answer of A company has been using the FIFO cost method of inventory valuation since it was started 10 years ago. Its 2014 ending inventory was $180,000, but it would have been $130,000 if LIFO had been used. Thus, if LIFO had been used, this company's income before taxes would have been
A) $50,000 less in 2014.
B) $50,000 less over the 10-year period.
C) $50,000 greater over the 10-year period.
D) $50,000 greater in 2014.

A Company Has Been Using the FIFO Cost Method of Inventory