Which Method Assigns the Cost of the Most Recent Items

question 197

Multiple Choice

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

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

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Definitions:

Reasonable Person Standard

A legal standard used to determine whether an individual's actions were reasonable under particular circumstances, often used in negligence cases.

Mental Deficiency

A term historically used to describe a range of intellectual disabilities or cognitive impairments.

Physical Disability

Physical Disability is a condition that significantly impairs an individual's ability to perform daily tasks or movements due to physical limitations.

Contributory Negligence

A legal doctrine where a plaintiff's action may reduce or eliminate their right to recover damages if their own negligence contributed to the harm.