EX 7-10 Comparing inventory methods
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.
a. In each space below, place the correct sign [less than (<), greater than (>), or equal
(=)] for each comparison, assuming periods of rising prices.
| 1. | FIFO inventory | LIFO inventory | |
| 2. | FIFO cost of goods sold | LIFO cost of goods sold | |
| 3. | FIFO net income | LIFO net income | |
| 4. | FIFO income tax | LIFO income tax |
b. Why would management prefer to use LIFO over FIFO in periods of rising prices?
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