The Inventory Costing Method That Assigns the Most Recent Costs

question 59

Multiple Choice

The inventory costing method that assigns the most recent costs to cost of good sold is:

• A) FIFO.
• B) LIFO.
• C) average cost.
• D) specific identification.

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Definitions:

Departmentation

The process of dividing an organization into different departments, which perform specific roles or tasks.

Basic Forms

The fundamental shapes or structures from which something can be developed or understood.

Combinations

The act or process of combining two or more elements or entities to form a new, often more complex, total.

Geographic Departmentation

Organizing an entity's structures based on geographical locations, facilitating regional management.