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Which inventory costing method assumes that items in ending inventory are the most recently acquired multiple choice question FIFO average cost LIFO?The Last-In, First-Out (LIFO) method assumes that the last unit to arrive in inventory or more recent is sold first. The First-In, First-Out (FIFO) method assumes that the oldest unit of inventory is the sold first.
Under which method of inventory costing is the ending inventory assumed?Answer and Explanation: Explanation: Under the FIFO inventory method the oldest inventory purchases are assumed to be sold first. This leaves the most recent inventory purchases in ending inventory.
Which inventory costing method assumes that items sold are those that were acquired first multiple choice question?First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. For tax purposes, FIFO assumes that assets with the oldest costs are included in the income statement's cost of goods sold (COGS).
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