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During periods of decreasing prices, a firm using a periodic inventory system will report higher gross profit if its inventory cost assumption is: A. FIFO because during periods of decreasing prices, COGS will be higher, resulting in a higher gross profit. B. LIFO because during periods of decreasing prices, COGS will be lower, resulting in a higher gross profit. C. FIFO because during periods of decreasing prices, COGS will be lower, resulting in a higher gross profit. |