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EX 6-14 Comparing inventory methods Obj. 5 Assume that...

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Accounting

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EX 6-14 Comparing inventory methods Obj. 5 Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. A. In each space that follows, place the correct sign [less than (), greater than ), or equal O)l for each comparison, assuming periods of rising prices. 1. FIFO inventory 2. FIFO cost of goods sold 3. FIFO net income 4. FIFO income taxes LIFO inventory LIFO cost of goods sold LIFO net income LIFO income taxes B. Why would management prefer to use LIFO over FIFO in periods of rising prices

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