Asantetaedog3794 Asantetaedog3794

22-12-2020
Business

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The inventory valuation method that results in the lowest taxable income in a period of inflation is:________

s. LIFO method.
b. FIFO method.
c. Weighted-average cost method.
d. Specific identification method.
e. Gross profit method.

Respuesta :

ewomazinoade ewomazinoade

23-12-2020

Answer:

A

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

Inflation refers to a persistent rise in general price levels.

In a period of inflation, cost of inventory keep rising. So, the most recently purchased inventory would have the highest price. The LIFO method would result in a higher cost of good sold and this depresses profit and also leads to a lower taxable income

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