Unformatted text preview: practice to sell the oldest units first. 10. A) FIFO b) Average cost method c) LIFO 11. In the balance sheet, FIFO results in an ending inventory that is closest to current value; inventory under LIFO is the farthest from current value. FIFO has the highest gross profit. 16. It will be understated in 2009, in 2010 it will be overstated and combined it will be correct....
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- Spring '11
- FIFO and LIFO accounting, IFO, A-2 FOB shipping, A-1 FOB destination