Under the LIFO inventory costing method, the most recent costs ...

[asmith134]

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]

Answer to Question 1

False

Answer to Question 2

C