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Exam (elaborations)
AAMI Accounting 2 Exam with Questions and Answers
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AAMI Accounting 2 Exam with Questions and Answers Total Units Cost divided Total Cost equals ANSWER Unit Value Total Units available for sale equals ANSWER Beginning Inventory + all purchases FIFO ANSWER First In Last Out LIFO ANSWER Last In First Out CGS ANSWER Cost of Goods Sold Rising market LIFO: ANSWER gives Higher (CGS) Rising market FIFI: ANSWER gives Lower (CGS) Declining market LIFO: ANSWER gives Lower (CGS) Declining market FIFO ANSWER gives Higher (CGS) Higher (CGS) ANSWER Lower profit
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