The inventory costing method that reports the earliest costs in ...

[Lisaclaire]

The inventory costing method that reports the earliest costs in ending inventory is
 a. FIFO
  b. LIFO
  c. weighted average
  d. specific identification

Question 2

For each of the following transactions, determine whether there is an increase, decrease, or no change in net income.
 
  a. Purchased inventory for 8,700.
  b. Earned 15,000 in sales for the month.
  c. The cost of inventory sold was 6,000.
  d. Dividends paid to shareholders were 1,000.
  e. Paid employees 1,300.

[mcarey591]

Answer to Question 1

b

Answer to Question 2

a. No change,
b. Increase,
c. Decrease,
d. No change,
e. Decrease

[Lisaclaire]

YES! Correct, THANKS for helping me on my review

[amcvicar]

Thanks for the timely response, appreciate it