question 15 (mandatory) (2 points) listen during a period of steadily rising costs, the inventory valuation…

question 15 (mandatory) (2 points) listen during a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is: specific identification method. average cost method. weighted - average method. fifo method. lifo method.

question 15 (mandatory) (2 points) listen during a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is: specific identification method. average cost method. weighted - average method. fifo method. lifo method.

Answer

Brief Explanations:

In a period of rising costs, LIFO (Last - In, First - Out) assumes that the most recently purchased (and more expensive) inventory items are sold first. This leads to higher cost of goods sold (COGS). Since net income = revenues - COGS - other expenses, a higher COGS results in a lower reported net income compared to other inventory valuation methods like FIFO, average cost, etc.

Answer:

LIFO method.