Which Inventory Costing Method Assigns the Cost of the Most

question 82

Multiple Choice

Which inventory costing method assigns the cost of the most recent items purchased to cost of goods sold?

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

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Definitions:

Accounting System

The methods, procedures, and software used by an organization to track financial transactions and produce financial statements.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, individual, or other entity, providing an overview of a financial performance and condition.

SatNav Processes

Procedures employed by satellite navigation systems to determine a position and guide a user to a destination.

QBO Transactions

Financial activities recorded in QuickBooks Online, a popular cloud-based accounting software.