Referring to Table 2 under the perpetual LIFO method cost of goods sold on the

Referring to table 2 under the perpetual lifo method

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34.Referring to Table 2, under the perpetual LIFO method, cost of goods sold on the income statement would be:a)$1,760b)$540c)$1,700d)$1,18635.Referring to Table 2, under the perpetual LIFO method, ending inventory on the balance sheet would be:36. During a period of rising prices and using a perpetual inventory costing system, LIFO will yield:37. During a period of rising prices and using a perpetual inventory costing system, FIFO will yield:38. During a period of steady prices and using a perpetual inventory costing system, LIFO will yield:a)less net income than would FIFOb)less cost of goods sold than would average costingc)higher gross profit than would FIFO
CHAPTER 6Accounting d)approximately the same net income as would FIFO39. During a period of falling prices and using a perpetual inventory costing system, FIFO will yield:40. During a period of falling prices and using a perpetual inventory costing system, LIFO will yield:41.All of the following are reasons for choosing the LIFO method versus the FIFO method except:42.When prices are rising, the ending inventory balance reported on a LIFO basis is generally:a)equal to ending inventory reported on a FIFO basisb)greater than on a FIFO basisc)lower than on a FIFO basis d)equally likely to be higher or lower on a LIFO basis as opposed to a FIFO basis43.When prices are falling, the ending inventory balance reported on a LIFO basis is generally:

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