The LIFO Inventory Costing Method Assumes That the Cost of the Units

question 102

Multiple Choice

The LIFO inventory costing method assumes that the cost of the units most recently purchased is:

• A) the last to be assigned to cost of goods sold.
• B) the first to be assigned to ending inventory.
• C) the first to be assigned to cost of goods sold.
• D) not assigned to cost of goods sold or ending inventory.

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