AAMI Accounting 2 Final 100% Accurate!

The concept that prices rise over time - ANSWERInflation Another term for sales - ANSWERRevenue Sales - Cost of Goods Sold - ANSWERGross Profit In an inflationary period what method of inventory valuation would lower profits - ANSWERLIFO In an inflationary period what method of inventory valuation would increase profits - ANSWERFIFO In a deflationary period what method of inventory valuation would lower profits - ANSWERFIFO In a deflationary period what method of inventory valuation would higher profits - ANSWERLIFO What method of inventory valuation would we use as funeral directors - ANSWERSpecific Identification Sales-CGS-All other operating expenses - ANSWERNet Profit Total cost/Total units available for sale - ANSWERWeighted Average Best method of inventory valuation - ANSWERSpecific Identification Revenue-Expenses - ANSWERNet Income What method on inventory valuation raises your taxable income - ANSWERFIFO What method of inventory valuation lowers your taxable income - ANSWERLIFO What are the 4 methods of inventory valuation - ANSWERSpecific Identification Weighted Average FIFO LIFO Method used to determine the CGS for merchandise that is bought for resale in a retail or merchandising business - ANSWERInventory valuation