Question
In a period of falling prices, a firm reporting under
LIFO compared to reporting under FIFO, will have a higher:Solution
With falling prices, LIFO COGS (Cost of Goods Sold) will include the cost of lower-priced inventory and COGS will be less as compared to FIFO COGS. Because of this, the firm reports a higher gross profit margin (Gross Profit/sales) under LIFO than under FIFO, while LIFO inventory will be higher and inventory turnover lower
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Statement :
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Statements:
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