The inventory cost was lower using FIFO than LIFO. If there is no beginning inventory, what direction did the cost of purchases move during the period?
A. Up
B. Down
C. Steady
D. Cannot be determined
Answer: B. Down
The inventory cost was lower using FIFO than LIFO. If there is no beginning inventory, what direction did the cost of purchases move during the period?
A. Up
B. Down
C. Steady
D. Cannot be determined
Answer: B. Down
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.