Assuming rising inventory prices, which statement is correct?Group of answer choices FIFO reports a lower...
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Accounting
Assuming rising inventory prices, which statement is correct?Group of answer choices
FIFO reports a lower value for cost of sales than other methods
FIFO reports a lower value for closing inventory than other methods
Using FIFO, it is not possible to calculate whether cost of sales/inventory is lower or higher than it would be if other assumptions about inventory valuation were made
FIFO reports a lower profit than other methods
\Which statement relating to the moving average method of costing inventories, used with the perpetual inventory system, is incorrect? Group of answer choices
The formula for average cost is cost of goods available for sale divided by units for sale
A new average cost is calculated after each purchase return
In periods of rising prices the profit result is between that of the FIFO and LIFO methods
A new average cost is calculated after each sale
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