In a period of inflation, the cost flow method that results in the lowest incomes

1)Inventory on Jan 1 – Units = 10,000 Unit cost = $9.00
May 5, 2020
The following items were taken from the financial statements of Rivera Company.  Mortgage payable $2,340
May 5, 2020

) In a period of inflation, the cost flow method that results in the lowest incomes taxes is the…

A – gross profit method

B – average cost method

C – FIFO Method

D – LIFO method

2) The inventory turnover is computed by dividing cost of goods sold by…

A – average inventory

B – beginning inventory

C – 365 Days

D – Ending Inventory

 
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