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Author Question: Under the LIFO inventory costing method, the most recent costs are assigned to ending inventory. a. ... (Read 175 times)

asmith134

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  • Posts: 576
on: Jul 5, 2018
Under the LIFO inventory costing method, the most recent costs are assigned to ending inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

When a company uses cash to purchase a machine, recording the purchase will ________.
 
  A) decrease shareholders' equity
  B) increase expenses
  C) exchange one asset for another
  D) increase assets, depreciation expense, and liabilities


nothere

  • Sr. Member
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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

C


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