Use of the FIFO Cost Flow Assumption Means That

question 112

Multiple Choice

Use of the FIFO cost flow assumption means that:

• A)The periodic costing system is used.
• B)Ending inventory items are the ones most recently purchased.
• C)Goods are removed from inventory at their average cost.
• D)The beginning inventory contains the oldest costs.
• E)All of these are correct answers.

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