Which of the following statements is correct when inventory unit costs are decreasing? Multiple Choice
a. Inventory tumover will be the greatest when the average cost inventory method is used
b. FIFO's gross profit will be the highest among the irventory costing methods
c. Inventory tumover will be the largest when the LFO inventory method is used d. Use of the LIFO method will result in lower cash flows due to a decreased cost of goods sold.
