The LIFO Inventory Method Assumes That the Cost of the Latest

question 189

Multiple Choice

The LIFO inventory method assumes that the cost of the latest units purchased is

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

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