Author Question: Which of the following is false about LIFO? a. Costs of goods sold are based on the costs of the ... (Read 109 times)

saraeharris · **on:** Jun 29, 2018

Which of the following is false about LIFO?
a. Costs of goods sold are based on the costs of the oldest inventory purchased.
b. It was designed to cushion the effects of inflation.
c. It matches current costs against current revenues.
d. Older inventory is regarded as unsold inventory.
e. It is used for planning purposes as it accurately reflects replacement costs.

Question 2

If you try out your marketing plan for a new product in supermarkets in Kansas City, what type of study is this?
a. Laboratory experiment
b. Field experiment
c. Mall intercept experiment
d. Price experiment