Volata Company began operations on January 1, 2023. In the second quarter of 2024, it adopted the FIFO method of inventory 1.91 valuation. In the past, it used the LIFO
me a. FIFO method results in higher inventory valuation compared to LIFO method.
b. LIFO method results in higher inventory valuation compared to FIFO method.
c. The adoption of FIFO method will have no impact on the company's financial statements.
d. The adoption of FIFO method will decrease the company's cost of goods sold.