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Homework answers / question archive / During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is: Specific identification method

During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is: Specific identification method

Finance

During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is:

    1. Specific identification method.
    2. Average cost method.
    3. Weighted average method.
    4. FIFO method.
    5. LIFO method.

 

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Answer:

e ) LIFO method .

Step-by-Step explanation

LIFO (Last-In-First-Out) could be deliberated as the inventory valuation method in which it assumed that the merchandise which is purchased last has to be sold first. Moreover, it produces the lowest income reported.