The Inventory Method That Assigns the Most Recent Costs to Cost

question 140

Multiple Choice

The inventory method that assigns the most recent costs to cost of goods sold is

• A) FIFO
• B) LIFO
• C) average
• D) specific identification

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Definitions:

Assumption of the Virgin

A Christian belief and subject in art depicting the bodily taking up of the Virgin Mary into Heaven at the end of her earthly life.

Janiculum Hill

One of the seven hills of Rome, Italy, known for its historic monuments and as a popular location for its panoramic views of the city.

Isabella and Ferdinand

Sovereigns of Castile and Aragon respectively, whose marriage in 1469 led to the unification of Spain; known for completing the Reconquista, sponsoring Columbus' 1492 voyage, and establishing the Spanish Inquisition.

Bramante

An Italian architect and painter, Donato Bramante (1444-1514), known for his work in the High Renaissance including designing the layout for the new St. Peter's Basilica.