If inventory is being valued at cost and the purchase price is steadily falling, first-in, first-out method of costing will yield the largest net income.
Profits is the consumption and saving possibility received by using an entity inside a unique timeframe, that's usually expressed in monetary phrases. profits is difficult to define conceptually and the definition can be different throughout fields.
The term “income” commonly refers to the quantity of money, assets, and other transfers of fee obtained over a hard and fast time frame in alternate for services or products. there's no unmarried, standard definition: earnings is defined in line with the context in which the concept is used.
Income is money that an individual or business gets in alternate for presenting exertions, producing an amazing or provider or making an investment capital.
Learn more about income here:https://brainly.com/question/25745683
#SPJ4
