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If a company values its stock in the period of rising prices using LIFO method,...

Accounts - Principles of Accounts
JAMB 2010

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

  • A. have a higher cost of goods sold
  • B. have a higher gross profit
  • C. pay higher gross profit
  • D. have a higher value for closing stock
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Correct Answer: Option A
Explanation

During periods of inflation (rise in prices), the use of LIFO will result in the highest estimate of cost of goods sold among the three approaches, and the lowest net income.

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