33. Which statement about the LIFO inventory valuation method is true? a. LIFO liquidations occur...
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33. Which statement about the LIFO inventory valuation method is true? a. LIFO liquidations occur when units purchased exceed units sold. b. LIFO gives a current valuation for ending inventory on the balance sheet. c. A LIFO layer is a group or block of units purchased at a certain unit cost. d. The LIFO conformity rules states that if LIFO is used for financial statements, it must be used for tax returns. 34. Say a company purchases common stock, and we call this treasury stock. What will not happen because of this treasury stock purchase (everything else staying the same)? a. b. c. d. Earnings per share will increase Treasury stock will show as a contra-stockholders' equity account on the balance sheet The company will show a gain from purchase of treasury stock on the income statement Fewer shares of common stock are outstanding
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