LIFO assumes that inventory costs flow in the order incurred.

ene’s industry use FIFO. Which of the following best describe one of the adjustments that would be made to Greene’s financial statements to compare that company with other companies in the industry？ To adjust Greene’s inventory to the FIFO method, the amount reported for Greene’s ending inventory should be:

A. increase by the ending balance in Greene’s LIFO reserve.

B. decrease by the ending balance in Greene’s LIFO reserve.

C. increase by the change in Greene’s LIFO reserve for that period.

00, which is $20,000 lower than the prior year. If the company had used FIFO instead of LIFO in that year, the company’s financial statements would have reported:

A. a lower cost of goods sold, but a higher inventory balance.

B. a higher cost of goods sold, but a lower inventory balance.

C. both a higher cost of goods sold and a higher inventory balance.

后进先出法(LIFO)

选出应填入下面一段英语中______内的正确答案

The terms FIFO and LIFO refer to two techniques for(1)with collection of items to which additions and(2)are to be made. The acronym FIFO(3)for first-in-first-out and LIFO represents last-in-first-out. Derived from business accounting and investing management(4), these techniques have found widespread application in computer science. For example, the LIFO technique has been used in the parsing techniques employed by compilers and in the(5)of data.

供选择的答案：

(1) producing (2) dealing (3) networking (4) searching

(5) deletions (6) locations (7) observations (8) notations

(9) stands (10) represents (11) finds (12) replaces

ng prices, which of the following ratios is most likely higher for a company using LIFO？

A.Current ratio

B.Gross margin

C.Inventory turnover