Assuming increasing prices, FIFO results in lowest Income and (lowest/highest) taxes. (lowest/highest) COGS, (lowest/hig
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Which items should not be included in the value of Bab Company's merchandise inventory. A $1,000 goods sold by Bab to another company. The goods are in transit and shipping terms are FOB destination. B. $2,000 goods sold by another company to Bab. The goods are in transit and shipping terms are FOB destination. OC. $3,000 owned by Bab but in the possession of another company, the consignee. OD. $3,000 goods sold by another company to Bab. The goods are in transit and shipping terms are FOB shipping point.
Assuming falling prices, LIFO results in the (lowest/highest) asset balance (Ending Inventory).
Inventory purchased would be included in inventory while in transit if FOB
FIFO results in (older/current) COGS and (older/current) costs in Ending Inventory
Question 14 If Ending Inventory is overstated, COGS will be which means Net Income will be
Question 1 LIFO results in Inventory. (older/replacement) cost in COGS and (olderireplacement) coats in Ending