Under the FIFO cost flow assumption during a period of inflation,which of the following is false?
A)Income tax expense will be higher than under LIFO.
B)Gross margin will be higher than under LIFO.
C)Ending inventory will be lower than under LIFO.
D)Cost of goods sold will be lower than under LIFO.

Question

Quizplus · Accepted Answer

Ending inventory comes from recent inventory purchases and is therefore higher.

Under the FIFO Cost Flow Assumption During a Period of Inflation,which