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During a period of rising prices, using FIFO (first in, first out) inventory valuation method will result in ________ net income figures than would LIFO (last in, first out)
It is not possible to determine. For durable goods, the result in net income would be the same as life expectancy does not have a much of an impact on the good. [ As for perishable goods, FIFO would result in lower net income figure than LIFO as FIFO takes into the account of spoiled goods. Depending on which type of good you are specifying, it can be either. ]
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User: During a period of rising prices, using FIFO (first in, first out) inventory valuation method will result in ________ net income figures than would LIFO (last in, first out)





Weegy: It is not possible to determine. For durable goods, the result in net income would be the same as life expectancy does not have a much of an impact on the good. [ As for perishable goods, FIFO would result in lower net income figure than LIFO as FIFO takes into the account of spoiled goods. Depending on which type of good you are specifying, it can be either. ]
Expert answered|jhehe|Points 185|

User: An important difference between accounting and other business functions, such as marketing and management, is that:

Weegy: The difference between accounting and marketing can be separated into separate categories. On a scope, accounting focuses on internal operations such as within the company and its performance. [ Marketing on the other hand focuses on the external environment which involves engaging potential customers and promoting the goods and services. ]
Expert answered|jhehe|Points 185|

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Asked 6/29/2012 10:24:08 AM
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Updated 6/29/2012 11:25:24 AM
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The three important financial statements prepared by accountants are: d. Balance sheet, income statement, and statement of cash flows.
Added 6/29/2012 11:24:39 AM
During a period of rising prices, using FIFO (first in, first out) inventory valuation method will result in higher net income figures than would LIFO (last in, first out).
Added 6/29/2012 11:25:26 AM
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