during times of rising costs, which inventory control method would result in a higher cost of goods sold and a lower profit (ideal for established business)? group of answer choices fifo weighted average cost specific identification lifo

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15-11-2022
Business

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during times of rising costs, which inventory control method would result in a higher cost of goods sold and a lower profit (ideal for established business)? group of answer choices fifo weighted average cost specific identification lifo

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sapanpandit sapanpandit · Answer 1 · 2022-11-21T06:22:54+01:00

Businesses with nonperishable inventory might benefit from price increases on newer product by using LIFO inventory management.

A system of inventory accounting known as last in, first out (LIFO) registers sales of the most recently produced items as occurring first. The lower cost of older products will be recorded as inventory since, under LIFO, the cost of the most recent things produced (or purchased) is the first to be deducted from cost of goods sold (COGS).

LIFO is typically used by businesses with large inventories, like car dealers. Due to lower taxes when costs rise and increased cash flow, this industry sector can profit.

Learn more about LIFO here:

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