Which of the Following Statements Regarding LIFO Is Incorrect

question 105

Multiple Choice

Which of the following statements regarding LIFO is incorrect?

• A) The last units in are assumed to be the first units sold.
• B) Ending inventory comes from the most recent purchases.
• C) This method leaves the oldest costs in ending inventory.
• D) LIFO is an assumption about how costs flow.

---

Definitions:

Industrialized Countries

Nations that have highly developed industries and infrastructure, offering a high standard of living and technological advancement.

Early 1970s

A period marked by significant cultural, political, and technological changes worldwide, roughly spanning from 1970 to 1974.

Polarization Between Jobs

The growing divide in job quality and security, often leading to high-wage, highly skilled jobs at one extreme and low-wage, insecure jobs at the other.

Recent Changes In Work

Transformations in the labor market, work environments, and job structures, driven by factors such as technology, globalization, and social trends.