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Fiesta28 [93]
3 years ago
10

FIFO reports higher gross profit and net income than the LIFO method when a.prices are increasing b.prices remain stable c.price

s are reduced by 50% d.prices are decreasing
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
6 0

FIFO reports higher gross profit and net income than the LIFO method when (a)prices are increasing

Explanation:

<u>FIFO (First in, First Out) reports higher gross profit and net income than the LIFO (Last In, First Out) method when prices are increasing. </u>

<u />

The FIFO method refers to an inventory system wherein the first items purchased are thought to be sold first(i.e. First In First Out) while the most recent purchases make up the ending inventory.

On the other hand, the LIFO method is just the opposite. The recent purchase are sold first and the first item purchased makes up the ending inventory(last item that is in is sold first)

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Discretionary income is the amount of money remaining from her income after paying federal taxes, other mandatory charges, and necessary expenditures for living. In this situation, Emily is earning a gross income of $97,000. When you deduct her necessary expenditures for mortgage, food, and clothing in the amount of $37,000 and her federal income taxes in the amount of $24,000 from her gross income, you can get her discretionary income which is $36,000.

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Answer:

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