When the LIFO Costing Method Is in Use,the Seller

question 40

Multiple Choice

When the LIFO costing method is in use,the seller:

• A)Must sell the most recently acquired units first.
• B)Must sell the oldest unit in inventory first.
• C)Assumes that the most recently acquired units are sold first.
• D)Assumes that the oldest units in inventory are sold first.

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