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Which statement is true?
LIFO Assumption
An inventory costing method that assumes the last items purchased are the first ones sold (Last In, First Out).
FIFO Assumption
Stands for First-In, First-Out, an inventory costing assumption where the first items purchased are the first ones to be sold.
Inventory Count
The process of physically counting the items in stock to verify the accuracy of inventory records.
Balance Sheet
A financial statement that shows the assets, liabilities, and stockholders' equity of a company at a specific point in time.
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