Cushinson corp. had a beginning inventory of $9,500 (250 units) and made three inventory purchases during the fiscal year: purchases units total cost 3/1/2016 400 $14,800 7/1/2016 450 $14,850 9/1/2016 550 $15,950 the company began operations on jan. 1, 20x6. costing uses the lifo method of determining cost of goods sold. first year sales were 1,300 units. the most likely effects of using lifo inventory costing as compared to fifo in cushinson's 20x6 financial statements are: a) lower net income; lower working capital. b) higher net income; lower working capital. c) higher net income; higher working capital.
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Cushinson corp. had a beginning inventory of $9,500 (250 units) and made three inventory purchases d...
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