{"id":50137,"date":"2024-04-15T23:05:58","date_gmt":"2024-04-15T23:05:58","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=50137"},"modified":"2024-04-15T23:05:58","modified_gmt":"2024-04-15T23:05:58","slug":"last-in-first-out-method-is-suitable-in-times-of","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/last-in-first-out-method-is-suitable-in-times-of\/","title":{"rendered":"Last in first out method is suitable in times of . . . . . . . ."},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9720fc22840\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    rising prices                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    falling prices                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    fluctuating prices                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    None of these                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>A. rising prices<\/strong>.<\/p>\n<p>Last in first out (LIFO) is a method of inventory accounting in which the cost of goods sold is based on the costs of the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" 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This method is suitable in times of rising prices because it results in the lowest possible cost of goods sold, which in turn results in the highest possible net income.<\/p>\n<p>The other options are incorrect because they do not describe a situation in which LIFO would be the most appropriate inventory accounting method.<\/p>\n<ul>\n<li>Option B, falling prices, is not a good time to use LIFO because it would result in the highest possible cost of goods sold, which in turn would result in the lowest possible net income.<\/li>\n<li>Option C, fluctuating prices, is also not a good time to use LIFO because it would result in an uneven cost of goods sold, which can make it difficult to track inventory and calculate profits.<\/li>\n<li>Option D, None of these, is incorrect because it does not provide a correct answer to the question.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on 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