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For Each of the Following Descriptive Statements,indicate Whether FIFO or LIFO

Question 161

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For each of the following descriptive statements,indicate whether FIFO or LIFO is being described.
_____ 1.Preferable method for conforming to matching principle
_____ 2.Preferable method for tax purposes under rising prices
_____ 3.Results in more up-to-date ending inventory figure
_____ 4.Results in fictitious profits under rising prices
_____ 5.Produces higher income when prices are declining
_____ 6.Produces higher ending inventory when prices are rising

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