Question
In a period of rising prices and stable inventory
quantities, which of the following best describes the effect on gross profit of using LIFO as compared to FIFO?Solution
Compared to FIFO, Cost of goods sold under LIFO will be higher because the most recent higher costs units are assumed to be the first units sold. Higher COGS under LIFO will result in lower gross profit (revenue – cost of goods sold)
Statements:
Some bottles are not cans.
All boxes are drawers.
No can is a box.
Conclusions:
I. Some boxes are no...
Statements: All egg are hen.
Some hen are goat.
Conclusions I. Some hen are egg.
II. Some goat are egg.
...Statements:
Only a few hut is home
Only few home is room
Only room is apartment
Conclusions:
I. Some home being apart...
- Three statements are given, followed by three conclusions numbered I, II and III. Assuming the statements to be true, even if they seem to be at variance w...
Statements: No swan is a penguin.
                         Some penguins are kingfisher.
Conclusions: I. Some s...
Statements:
Some creams are butters.
Some butters are cakes.
No cake is a bread.
Conclusion:
I. Somecakes may not...
Statements:
All eggs are trays.
No tray is a white.
Some whites are ducks.
Conclusions:
I. Some ducks are not egg...
In the question below some statements are given followed by four conclusions I, II, III and IV. You have to take the given statements to be true even i...
Statements:
Only a few Objectives are Solutions.
Only Subjective are Information.
A few Subjective are Solutions.
Conclusion...
Statements:Â
Some dogs are cat
No cat is a lion
All lions are tiger
Conclusion:
I. All dog can never be lion
...
