All of the following statements are true regarding the LIFO reserve except: Select one: a. Companies...
All of the following statements are true regarding the LIFO reserve except:
Select one:
a. Companies using LIFO are required to report the LIFO reserve.
b. The equation (LIFO inventory – LIFO reserve = FIFO inventory) adjusts the inventory balance from LIFO to FIFO.
c. The financial statement differences of using LIFO normally increase the longer a company uses LIFO.
d. Current ratios and the inventory turnover can be significantly affected if a company has material LIFO reserves.
Homework Answers
Ans b. The equation (LIFO inventory – LIFO reserve = FIFO inventory) adjusts the inventory balance from LIFO to FIFO.
LIFO stands for Last In First Out, which means that the inventory purchased at the latest is the first to go out for use.
FIFO stands for First In First Out, which means that the inventory that was purchased at first (oldest) is the first to go out for use.
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