Using the FIFO Method,the Earliest Purchases of Inventory Are Assumed

Multiple Choice

Using the FIFO method,the earliest purchases of inventory are assumed to be contained

A) on the balance sheet as part of ending inventory.
B) on the income statement as part of cost of goods sold.
C) equally split between the income statement and the balance sheet.
D) Impossible to determine from the given data
E) The earliest purchases of inventory under FIFO are not shown on any financial statement.