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A method that is beneficial for tax purposes in inflationary times is? 

Accounts - Principles of Accounts
JAMB 2024

A method that is beneficial for tax purposes in inflationary times is? 

  • A. LIFO
  • B. SAP
  • C. FIFO
  • D. WAP
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Correct Answer: Option A
Explanation

This method assumes the last items purchased are the first ones sold. It can result in a higher COGS during periods of inflation, potentially leading to lower reported profits. LIFO can be beneficial for tax purposes in inflationary times.

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