Application of the FIFO Inventory Costing Method Means That

question 5

Multiple Choice

Application of the FIFO inventory costing method means that:

• A) A periodic inventory system is used.
• B) Cost of goods sold should reflect the most recent prices.
• C) The cost of the last item purchased should be included in ending inventory.
• D) The cost of the first item purchased should be included in ending inventory.

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