Multiple Choice
Assume a periodic inventory system is used.The LIFO inventory costing method assumes that the cost of the units most recently purchased is the:
A) last to be assigned to cost of goods sold.
B) first to be assigned to ending inventory.
C) first to be assigned to cost of goods sold.
D) last to be assigned to units available for sale.
Correct Answer:
Verified
Correct Answer:
Verified
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