In the FIFO Retail Method, What Does the Ending Inventory

question 71

Multiple Choice

In the FIFO retail method, what does the ending inventory for any period represent?

• A) The ending inventory at approximately the current cost.
• B) The ending inventory at the beginning of the year cost dollars.
• C) The ending inventory at the average cost dollars.
• D) The sum of inventory layers from previous periods.
• E) The sum of inventory layers each costed at current dollars found by applying the current years' selling prices.

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