Question Solved1 Answer 15. In a period of inflation, the cost flow method that results in the lowest income taxes is the: a. FIFO method. b. LIFO method. c. average cost method. d. gross profit method. 16. The following information is available for Tye Company at December 31: Beginning inventory $5,000; Ending inventory $8,000: Cost of goods sold $23,000; and Sales revenue 15. In a period of inflation, the cost flow method that results in the lowest income taxes is the: a. FIFO method. b. LIFO method. c. average cost method. d. gross profit method. 16. The following information is available for Tye Company at December 31: Beginning inventory $5,000; Ending inventory $8,000: Cost of goods sold $23,000; and Sales revenue $60,000. Tye's inventory turnover is: (round the answer to I decimal place a. 9.2 times b. 4.6 times c. 3.5 times d. 2.9 times

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Transcribed Image Text: 15. In a period of inflation, the cost flow method that results in the lowest income taxes is the: a. FIFO method. b. LIFO method. c. average cost method. d. gross profit method. 16. The following information is available for Tye Company at December 31: Beginning inventory $5,000; Ending inventory $8,000: Cost of goods sold $23,000; and Sales revenue $60,000. Tye's inventory turnover is: (round the answer to I decimal place a. 9.2 times b. 4.6 times c. 3.5 times d. 2.9 times
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Transcribed Image Text: 15. In a period of inflation, the cost flow method that results in the lowest income taxes is the: a. FIFO method. b. LIFO method. c. average cost method. d. gross profit method. 16. The following information is available for Tye Company at December 31: Beginning inventory $5,000; Ending inventory $8,000: Cost of goods sold $23,000; and Sales revenue $60,000. Tye's inventory turnover is: (round the answer to I decimal place a. 9.2 times b. 4.6 times c. 3.5 times d. 2.9 times
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15) Answer is Option b.In a period of Inflation the cost flow method that results inthe lowest income taxes is LIFO method. 16) Answer is Option c.Inventory turnover is equal to Cost of goods sold divided byaverage inventory. ... See the full answer