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True or False
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1
Since LIFO charges the latest inventory cost against revenues, in a period when prices are rising, LIFO results in the lowest net income and lowest income taxes paid.
A)True.
B)False.
2
Since FIFO charges the earliest inventory costs against revenues in a period, selection of this method results in a closer approximation of the actual flow of merchandise in many businesses.
A)True
B)False
3
When using the average cost method, the formula used by Peachtree is Average Cost X Quantity Sold = Total Revenues.
A)True
B)False





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