Author Question: During periods of increasing costs, an advantage of the LIFO inventory cost method is that it ... (Read 93 times)

geoffrey · **on:** Jul 5, 2018

During periods of increasing costs, an advantage of the LIFO inventory cost method is that it matches more recentcosts against current revenues.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Ace Company sells goods FOB destination. The shipping costs ________.

A) will not be paid by Ace
B) appear on Ace's income statement as a decrease in Net sales
C) appear on Ace's income statement as an Operating expense
D) appear on Ace's income statement as an increase in Cost of goods sold