Which Method Assigns the Cost of the Most Recent Items

question 118

Multiple Choice

Which method assigns the cost of the most recent items purchased to ending inventory?

• A)Specific identification
• B)Weighted average cost
• C)FIFO
• D)LIFO

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Definitions:

Government Securities

Financial instruments issued by a government to finance its operations, often considered low-risk investments.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, reflecting an improvement in the standard of living.

General Obligation Bond

A municipal bond backed by the full faith and credit of the issuing authority, with repayment guaranteed by the authority's ability to tax.

Revenue Bond

A type of municipal bond supported by the revenue from a specific project, like a toll road or public utility, rather than from tax revenue.