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Different cost of goods sold and inventory values us ually result from different cost flow assumptions. During periods of rising prices, FIFO produces lower cost of goods sold, higher ending inventory, and. higher gross profit (and income) than LIFO because FIFO includes the oldest and lowest costs in cost.
Libby - Chapter 07 #16 Topic Area: Valuation At Lower Of Cost Or Market 17. The journal entry to write-down inventory under the lower-of-cost-or-market (LCM) rule results in a decrease in both ending inventory and cost of goods sold. FALSE Cost of goods increases when inventory is written down.