AAMI Accounting 2 Final Exam with Verified Answers |Latest 2024/2025

AAMI Accounting 2 Final Exam with Verified Answers. 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 ️ FIFO