TNM Inc. uses LIFO and was founded in on January 1, 2020. At the end of 2020, TNM disclosed that the LIFO reserve was $1 million, indicating that the ending inventory balance would have been $1 million higher under FIFO. At the end of 2021, the LIFO reserve decreased to $0.5 million and inventory balances were relatively stable compared to 2020. Which of the following is false regarding TNM's costs?
A. Costs have been increasing since TNM was founded because the LIFO reserve is greater than zero.
B. Costs have been decreasing since TNM was founded because the LIFO reserve is greater than zero.
C. Costs were increasing in 2021, but decreasing in 2020.
D. Costs were decreasing in 2021, but increasing in 2020.
Answers: 3
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TNM Inc. uses LIFO and was founded in on January 1, 2020. At the end of 2020, TNM disclosed that the...
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