AAMI Accounting 2 Final | 100% Correct Answers | Verified | Latest 2024 Version

The concept that prices rise over time - Inflation Another term for sales - Revenue Sales - Cost of Goods Sold - Gross Profit In an inflationary period what method of inventory valuation would lower profits - LIFO In an inflationary period what method of inventory valuation would increase profits - FIFO In a deflationary period what method of inventory valuation would lower profits - FIFO In a deflationary period what method of inventory valuation would higher profits - LIFO What method of inventory valuation would we use as funeral directors - Specific Identification Sales-CGS-All other operating expenses - Net Profit Total cost/Total units available for sale - Weighted Average Best method of inventory valuation - Specific Identification Revenue-Expenses - Net Income What method on inventory valuation raises your taxable income - FIFOWhat method of inventory valuation lowers your taxable income - LIFO What are the 4 methods of inventory valuation - Specific Identification Weighted Average FIFO LIFO Method used to determine the CGS for merchandise that