In a period when costs are falling and inventory quantities are stable, the lowest taxable 10) _ income would be reported by using the inventory method of A) Moving average C) Weighted average. B) FIFO. D) LIFO. 11) 2 11) If a company uses LIFO, a LIFO liquidation causes a company's income taxes to increase: A) LIFO liquidations have no effect on a company's income taxes B) Whether inventory purchase costs are declining or rising. C) When inventory purchase costs are rising D) When inventory purchase costs are declining. e Ba 12) Ramen Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had a cost 12) inventory of $600,000. Its inventory as of December 31, 2018, was $667,800 at year-end costs and the cost index was 1.06. What was DVL inventory on December 31, 20187 A) $636,000 B) $630,000 C) $631,800 D) None of these answer choices are correct
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