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AAMI Accounting 2 Final Exam with Questions and Answers The concept that prices rise over time ANSWER✓✓ Inflation Another term for sales ANSWER✓✓ Revenue Sales - Cost of Goods Sold ANSWER✓✓ Gross Profit In an inflationary period what method of inventory valuation would lower profits ANSWER✓✓ LIFO In an inflationary period what method of inventory valuation would increase profits ANSWER✓✓ FIFO In a deflationary period what method of inventory valuation would lower profits ANSWER✓✓ FIFO In a deflationary period what method of inventory valuation would higher profits ANSWER✓✓ LIFO What method of inventory valuation would we use as funeral directors ANSWER✓✓ Specific Identification Sales-CGS-All other operating expenses ANSWER✓✓ Net Profit
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