Which Method Assigns the Cost of the Most Recent Items

question 118

Multiple Choice

Which method assigns the cost of the most recent items purchased to ending inventory?

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

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Definitions:

Initial Funds

The initial amount of capital or money that is invested or required to start a new business or project.

Government Funders

Organizations or bodies within the government that provide financial support or resources to various projects, initiatives, or entities.

Nonprofit Organizations

Entities that operate for the public or social benefit instead of for profit, often focusing on charitable, educational, scientific, or religious purposes.

Religious Organizations

Groups or institutions formed around a shared faith, belief system, or religious practice, often engaging in worship, teachings, and community services.