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  5. The LIFO method has...

The LIFO method has an advantage over FIFO in that stocks are valued at

Accounts - Principles of Accounts
JAMB 2012

The LIFO method has an advantage over FIFO in that stocks are valued at

  • A. previous prices
  • B. current prices
  • C. average rates
  • D. flat rates
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Correct Answer: Option B
Explanation

LIFO is used by firms to lower their tax liabilities at the expense of an outdated inventory value as reflected on the balance sheet.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts